American Airlines-US Airways merger approved
A U.S. bankruptcy judge has approved the merger between American Airlines (AA) and US Airways. The merger will create the worlds largest airline carrier.
March 28, 2013 at 06:33 AM
2 minute read
The original version of this story was published on Law.com
A U.S. bankruptcy judge has approved the merger between American Airlines (AA) and US Airways. The merger will create the world's largest airline carrier.
AA filed for bankruptcy in 2011, and earlier this year, it announced its plans to merge with US Airways as part of its emergence from bankruptcy.
In the same ruling approving the merger, Bankruptcy Judge Sean Lane also rejected the $20 million severance package for AA CEO Tom Horton. The severance was already called into question by the U.S. government, which said it was a “golden parachute.”
Lane said the merger was “a terrific result” to AA's bankruptcy problem, but that approving Horton's severance was “just not appropriate.”
The merger will be finalized when a court approves AA's bankruptcy plan, which is expected to happen within the next six months.
Read more InsideCounsel stories about AA:
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