AMR says creditors approve reorganization plan - FOX13 News, WHBQ FOX 13

AMR says creditors approve reorganization plan


FORT WORTH, Texas (AP) - Creditors are approving the bankruptcy reorganization plan for the parent of American Airlines.

The OK gets American one step closer to emerging from bankruptcy protection in a planned merger with US Airways.

AMR Corp. said Thursday that at least 88% of the ballots show approval. More than 99% of shareholders have approved the plan.

The bankruptcy plan still needs approval from a bankruptcy judge. A confirmation hearing is scheduled for Aug. 15 in New York. The deal with US Airways also needs antitrust approval.

AMR filed for bankruptcy protection in late 2011. Since then it has cut labor costs and ordered new jets to update its fleet. It is aiming to come out of bankruptcy and close the merger with US Airways by the end of September.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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