AMR Corporation (PINK: AAMRQ), the parent company of American Airlines, said on Friday that it would explore merger options while it is still in bankruptcy. AMR, which filed for bankruptcy in November last year, decided that it would explore merger options following pressure from its unsecured creditors.
AMR had long maintained that planned to emerge from bankruptcy as a stand-alone carrier. However, the airline has faced increasing pressure from its creditors, who believe that the airline’s future will be secured by merging with U.S. Airways Group Inc. (NYSE: LCC).
Beverly Goulet, Chief Restructuring Officer of AMR, said that to be clear, American has committed to work in a collaboration with the creditors committee 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.
AMR shares had risen sharply in Friday’s trading session. The stock ended the day 6.12% higher at $0.520.
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