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Announcement On American-US Airways Merger Might Come Thursday [View all]
Source: Aviation Pros
Feb. 12--A potential merger deal between American Airlines and US Airways remained in a holding pattern Monday, with an announcement possible Thursday, sources said Monday.
Still unresolved was AMR Chief Executive Tom Horton's role in a combined company, as well as his compensation package. He reportedly is being offered the title of nonexecutive chairman for a limited time.
The boards of directors for American's parent, AMR Corp., and US Airways are expected to meet Wednesday, The Wall Street Journal reported. The airlines are also discussing the makeup of a new board of directors, including the number of members and who will appoint them, the report said.
The sources, who are familiar with the negotiations but not authorized to speak publicly, cautioned that even though the parties want to reach an agreement by the end of the week, when a nondisclosure agreement with bondholders is scheduled to expire, negotiations could stretch out if the bondholders and others agree to an extension. Any deal would still need to be approved by AMR's Bankruptcy Court.
Still unresolved was AMR Chief Executive Tom Horton's role in a combined company, as well as his compensation package. He reportedly is being offered the title of nonexecutive chairman for a limited time.
The boards of directors for American's parent, AMR Corp., and US Airways are expected to meet Wednesday, The Wall Street Journal reported. The airlines are also discussing the makeup of a new board of directors, including the number of members and who will appoint them, the report said.
The sources, who are familiar with the negotiations but not authorized to speak publicly, cautioned that even though the parties want to reach an agreement by the end of the week, when a nondisclosure agreement with bondholders is scheduled to expire, negotiations could stretch out if the bondholders and others agree to an extension. Any deal would still need to be approved by AMR's Bankruptcy Court.
Read more: http://www.aviationpros.com/news/10878087/announcement-on-american-us-airways-merger-might-come-thursday?utm_source=AIRB+E-Newsletter&utm_medium=email&utm_campaign=AVVDB130206004
Bound to happen eventually.
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