AMR’s bankruptcy plan goes to creditors over UST’s objection

A bankruptcy judge gave AMR approval to send its bankruptcy plan to creditors for a vote. This came after objections by the United States Trustee’s office. As part of the plan, AMR will merge with US Airways with current shareholders receiving 3.5 percent of the newly formed airline. One key problem, a $20 million severance package for AMR’s Chief Executive will now be subject to creditor approval.

For more details read, “AMR can send restructuring plan to creditors for a vote: judge.”

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