| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for American Airlines Inc. > News item |
AMR and committee to collaborate on potential consolidation scenarios
By Caroline Salls
Pittsburgh, May 11 - American Airlines, Inc. and AMR Eagle Holding Corp. parent AMR Corp. have entered a joint protocol agreement under which the company and its official committee of unsecured creditors agreed to jointly develop potential consolidation scenarios, according to a news release.
AMR said the agreement is not an indication that it intends to pursue a transaction of any kind.
"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," AMR chief restructuring officer, vice president of corporate development and treasurer Beverly K. Goulet said in the release.
"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."
AMR, the Fort Worth-based parent of American Airlines, filed for bankruptcy on Nov. 29, 2011 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 case number is 11-15463.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.