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Friday, Aug 2
AMR's creditors OK US Airways merger plan
- AMR's (AAMRQ.PK) creditors have overwhelmingly approved the airline's plan to merge with US Airways (LCC) and exit bankruptcy.
- The deal now needs court authorization, as well as the backing of the U.S. Justice Department, which is analyzing the antitrust implications, and that of the EU.
- Under the merger, AMR's creditors, staff and shareholders will receive 72% of the combined company, while US's investors will get 28%.