American bankruptcy exclusivity extended to December

Washington DC
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The US Bankruptcy Court for the Southern District of New York approved AMR's application to extend the deadline for it to file a reorganisation plan to 28 December today.

The parent of American Airlines will have exclusivity during the period, after which other interested parties can file their own reorganisation plans.

"We believe the extension reflects the progress and momentum of our restructuring efforts as reflected in our second quarter results, and we will continue to move aggressively to complete both our plan and our comprehensive process of reviewing a range of alternatives to measure against it," says the Fort Worth-based airline.

The unsecured creditors committee supports the extension.