AMR Corporation, the parent of American Airlines today agreed to its unsecured creditors to explore all possible options including consolidation. The airline, in Chapter 11 Bankruptcy Protection, since November 2010, in a statement released today, AMR did not mention US Airways by name. But it is suffice to say that it is finally relenting to exploring the possibility of merger with US Airways.
American Airlines B737-800 - Courtesy: American Airlines
The statement said “The purpose of this collaborative joint agreement with the Committee is to reinforce and assure what we have stated before: what’s best for our company, our people and our financial stakeholders will be determined by the facts in a disciplined manner and process. And this includes whether American will choose to pursue any combination down the road. This is the charge of the board of directors and the leadership team to be done in close collaboration with the creditors committee. It is best for all that this process be very clear so that we are not distracted or diverted by anything that does not serve the best interests of all our company’s financial and other stakeholders. To be clear, American has committed to work in collaboration with the Committee to develop only potential consolidation scenarios and this agreement does not in any way suggest that a transaction of any kind or with any particular party will be pursued.”
As always we will continue to watch this developing story and report to our readers with detailed analysis.
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