AMR seeks more time to prepare plan
BY Staff and Wire Reports
Friday, January 11, 2013
AMR Corp., the parent of American Airlines reorganizing in bankruptcy, asked a judge for more time to file its restructuring plan as the carrier weighs a possible merger with US Airways Group Inc.
American wants to extend from March 11 to April 1 its exclusive right to submit a proposal to pay creditors and emerge from court protection, it said Friday in a filing in U.S. Bankruptcy Court in Manhattan. The development was reported by Bloomberg News.
The additional time, if approved by U.S. Bankruptcy Judge Sean Lane, would be the fifth such extension since Fort Worth, Texas-based American filed for bankruptcy in November 2011. The extension would prevent rival plans from being filed in court.
The airline said the extension would allow it to review with creditors “all strategic alternatives.” Chief Executive Office Tom Horton said this month that the airline expected to reach a decision on whether to merge with US Airways in a matter of weeks.
American employs about 7,000 people in Tulsa, where it operates its largest maintenance center.