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Despite stalled growth in China, Brazil and Russia, a wave of newly middle-class travelers from the BRICs and beyond will start visiting international destinations in the coming decades — dwarfing the numbers we’ve seen thus far.
True, another $2.7 billion isn’t chump change, but the merger of American and US Airways is so far turning out as a test case for how to do a mega merger right.
American Airlines resolved 99 percent of about 22,000 creditor claims filed in the Chapter 11 reorganization that concluded in November in a merger with US Airways to form American Airlines Group Inc.
Known as AMR Corp. while it was in bankruptcy, the airline on Aug. 13 asked a court for more time to resolve about 240 remaining claims asserting about $2.7 billion in liability.
If the requested extension is granted by U.S. Bankruptcy Judge Sean H. Lane at a hearing scheduled for Aug. 27 in Manhattan, the new claims-objection deadline will be Jan. 30.
After Fort Worth, Texas-based AMR filed for bankruptcy reorganization in November 2011, creditors filed claims asserting about $307.4 billion in liabilities, according to court papers. The remaining claims largely include those with more complex legal questions or facts, according to the company.
Without an extension, the company said it would need either to forgo meritorious objections, creating a windfall for holders of the remaining claims, or to file prophylactic objections before the current Sept. 5 deadline.
AMR listed assets of $24.7 billion and debt totaling $29.6 billion in its Chapter 11 filing. It entered bankruptcy with 600 aircraft in the mainline fleet and another 300 with American Eagle, the feeder airline.
The case is In re AMR Corp., 11-bk-15463, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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