AA Creditors, Shareholders Vote in Favor of Reorg Plan; Bondholders, Airports, Pilots Object

By Paul Riegler on 1 August 2013
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American Airlines’ creditors and shareholders voted to accept the company’s plan DSC_0588of reorganization, the airline said on Thursday.

AMR, American’s parent, reported that, out of the eight creditor classes that were entitled to vote, a minimum of 88% in each class voted in favor of the plan.  This also represented more than 97% of the claims value.

In addition, more than 99% of the class of AMR stockholders voted to accept the plan as well.

The final results need to be certified and filed with the U.S. Bankruptcy Court for the Southern District of New York prior to the confirmation hearing on August 15, 2013.

AMR expects to emerge from bankruptcy in the third quarter of 2013, simultaneously with the closing of its planned merger with US Airways.

Meanwhile, in court filings on Tuesday, tax authorities, airport operators, airline pilots, and bondholders among others asked for a delay of the merger and sought assurances that the reorganization plan would not stop them from pursuing claims against the airline.

(Photo: Accura Media Group)

Accura News

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