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Judge officially approves US Airways-American Airlines merger
TransportU.S. Bankruptcy Judge Sean Lane officially approved American Airlines’ merger agreement with US Airways on Friday, signing a court order that affirmed his decision at a March 27 hearing. And in keeping with his decision, the written order did not approve a $20 million severance package proposed for American Chief Executive Tom Horton _ a [...]
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American files bankruptcy exit plan, as it closes on US Airways merger
TransportAMR Corp, the parent company of American Airlines, filed formal plans to exit bankruptcy on Monday, bringing its proposed $11 billion merger with US Airways Group closer to reality. The reorganization plan, which details some executive compensation and outlines measures for creditors and shareholders, is a necessary step before the two companies can come together [...]
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American Airlines reorganization plan imminent
TransportAmerican Airlines is about to spell out its plan for emerging from bankruptcy protection after merging with US Airways. US Airways Group Inc., whose CEO will run the combined company, said in a message to employees that American was expected to file its reorganization plan later Monday in federal bankruptcy court in New York. American [...]
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American Airlines retirees’ poignant letters to court on their benefits post-merger
TransportAs the federal bankruptcy judge signed off Wednesday on the $11 billion merger of American Airlines and US Airways, a few things are still unclear: what will happen to the $20 million severance package for outgoing American CEO Tom Horton, and more importantly, what will happen to AA’s nearly 47,000 retirees, if they’ll have to pay [...]
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The only parachutes on U.S. airlines are golden: Big exit packages at the top
TransportThe judge handling the AMR Corp. bankruptcy put off a decision yesterday on American Airlines CEO Tom Horton’s proposed $20 million exit package, but the big number is fairly typical of the massive golden parachutes that legacy airline CEOs involved in mergers have come to love and expect. For better or worse, United Airlines, which emerged [...]
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Judge signals support for American-US Air merger, but doubts Horton package
TransportAmerican Airlines Chief Executive Officer Tom Horton’s $20 million severance is holding up the airline’s bid to win court approval for its merger with US Airways Group Inc. U.S. Bankruptcy Judge Sean Lane in Manhattan today questioned American’s request now for approval of the severance package, which has drawn opposition from the U.S. government’s bankruptcy [...]
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American Airlines bankruptcy trustee challenges outgoing CEO’s severance
TransportThe U.S. trustee in AMR Corp.’s Chapter 11 bankruptcy case has objected to American Airlines CEO Tom Horton’s $19.8 million severance payment, arguing that the company hasn’t explained why such a large sum is permissible under federal bankruptcy rules. Horton’s compensation is addressed as part of the company’s merger agreement with US Airways, which calls [...]
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The new American Airlines: Bankruptcy judge to consider merger in March hearing
TransportU.S. Bankruptcy Judge Sean Lane has scheduled a hearing on March 27 to consider the proposed merger between American Airlines and US Airways. The merger, which was announced last week, also needs approval from government antitrust regulators before it can be finalized. The judge also set a March 15 deadline for parties to respond or [...]
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There goes Atlantic City’s reinvention plans: Revel to file for bankruptcy
DestinationsRevel, the casino many people had hoped would turn around Atlantic City’s sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after opening. The voluntary, pre-packaged bankruptcy envisioned for late March will wipe away about two-thirds of its $1.5 billion in debt by converting more [...]
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Lodgenet files for bankruptcy, along with $60 million funding & new DirecTV deal
DigitalLodgeNet Interactive Corp. filed for bankruptcy protection with plans to be taken over by affiliates of Colony Capital LLC, which will invest $60 million and work with DirecTV to provide on-demand movies to hotel rooms. LodgeNet had about $292 million in consolidated assets and about $449 million in consolidated debt as of Sept. 30, 2012, [...]
