AMR creditors give the green light on the American-US Air merger
A US Airways plane (R) taxis for takeoff past an American Airlines plane at the Ronald Reagan Washington National Airport in Arlington County, Virginia, February 10, 2013. Mike Theiler / Reuters
The newest information besides the creditors’ approval: The board of the merged company with have 4 members from US Airways, 3 from AMR, and 5 to be chosen by the AMR creditors.
The deal will be announced Thursday, the sources said, assuming the boards of both companies approve it Wednesday night.
AMR’s unsecured creditors will be made whole under the terms of the deal and also get accrued interest, they added, and AMR’s shareholders will also get a small equity stake in the new entity.
The merged company will have a board of 12 members: four from US Airways, three from AMR and five to be designated by the AMR creditors.
That will shrink to 11 members in 2014 after the retirement of AMR Chief Executive Tom Horton.