American Airlines wants more time to reorganize
AMR Corp., the parent company of American Airlines (AA), has submitted its second request to extend its deadline to file its plan to exit bankruptcy.
February 04, 2013 at 05:24 AM
2 minute read
The original version of this story was published on Law.com
AMR Corp., the parent company of American Airlines (AA), has submitted its second request to extend its deadline to file its plan to exit bankruptcy. The company had filed for bankruptcy protection in late 2011 citing high labor costs as the reason.
On Thursday, AMR and its unsecured creditors committee asked the U.S. Bankruptcy Court if it could have until April 15 to file its reorganization plan. It currently has until March 11, but the airline had asked the court last month if it could extend that date to April 1.
As part of its exit plan, AA may merge with US Airways. If that deal goes through, it will create the largest airline in the world.
“American has made significant progress in its restructuring,” AA spokesman Sean Collins said in an emailed statement to Reuters last week. “This work, while progressing well, takes time, and American and the unsecured creditors' committee believe that the proposed extension to April 15, 2013, is appropriate for this process to continue in an orderly and efficient manner.”
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