The boards of American Airlines parent AMR Corp. and US Airways Group Inc. late Wednesday separately voted to approve a merger that would create the world’s largest airline…The merger will be formally announced early Thursday morning, and a so-called plan support agreement outlining all of the deal’s details is set to be filed the same day with the U.S. Bankruptcy Court in New York overseeing American’s reorg.

Under the all-stock deal’s terms, American’s creditors would own 72% of the combined airline, and US Airways shareholders the balance.

New York Times: The merger still needs to pass several steps. It must be approved by American’s bankruptcy judge in New York. US Airways shareholders, who will also have to approve the deal, would hold 28 percent of the combined carrier. In addition, it will be reviewed by the Department of Justice’s antitrust division, though analysts expect regulators to clear the deal.

Photo Credit: A view of two US Airways Express planes next to an American Airlines plane (background) at the Ronald Reagan Washington National Airport in Arlington County, Virginia, February 10, 2013. Mike Theiler / Reuters