American Airlines (AA), which is operating under Chapter 11 bankruptcy protection, has slightly softened its anti-merger stance in order to reach a joint protocol agreement with its official committee of unsecured creditors.
“The actions contemplated by the agreement include developing potential consolidation scenarios, but the agreement is not an indication that the company intends to pursue a transaction of any kind,” AA said in a statement.
US Airways (US) last month expressed its interest in merging with AA during the bankruptcy process, and has already gained the support of AA’s largest labor unions. It is now focused on persuading AA’s unsecured creditors. US chairman and CEO Doug Parker has said, “We are eager to show the creditors that our plan would create more value than a standalone plan.”
AA chief restructuring officer and treasurer Beverly Goulet said, “To be clear, American has committed to work in collaboration with the [unsecured creditors] 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.”
Article Source : ATW Daily News
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