American creditors vote in support of US Airways

Washington DC
Source:
This story is sourced from Pro
See more Pro news »

Creditors of American Airlines parent AMR have voted in favour of the airline's proposed merger with US Airways by a large majority.

Preliminary counts indicate that at least 88% of ballots from each creditor class entitled to vote are for the merger as well as 99% of the shares tabulated from AMR stockholders, according to the Fort Worth-based carrier today. Voting ended on 29 July.

The US Bankruptcy Court for the Southern District of New York will certify final results on 15 August.

"This is another important milestone toward our launch of the new American," says Tom Horton, chairman and chief executive of American, in a statement. "The overwhelming support for our plan of reorganisation is a testament to the resilience and hard work of the entire American team."

US Airways shareholders approved the merger on 12 July, which followed bankruptcy court approval on 27 March.

American and US Airways still need US Department of Justice approval for the deal.