AMR Corp. and are seeking to close their merger on Dec. 9, following today’s approval of the Dallas/Fort Worth-based carrier’s reorganization plan by the bankruptcy court overseeing its Chapter 11 restructuring.
The early December schedule is months ahead of a plan contained in a recent settlement with the U.S. Justice Department that had delayed a previously planned merger in August. The DOJ settlement calls for the publication of judgments and a 60-day comment period that could stretch into mid-March. However, the airlines have argued that the merger should be allowed to proceed during this process.
Under the plan unveiled by AMR today, the merger will be consummated before the markets open on Dec. 9, when the previously dubbed “new American” will be listed on the Nasdaq stock exchange asGroup, Inc.
“At the time the plan of reorganization becomes effective and the merger closes, each outstanding share of US Airways Group, Inc. common stock will be converted into one share of American Airlines Group, Inc. common stock and substantially all pre-Chapter 11 unsecured claims against and outstanding equity securities of AMR Corp. will be satisfied by American Airlines Group, Inc. common stock or preferred stock in accordance with the plan of reorganization,” AMR says in a statement.