US Airways boards close in on merger decision
DALLAS (AP) - The boards of American Airlines parent AMR Corp. and US Airways could decide early subsequent week regardless of whether to merge their two corporations and make an airline rivaling the world most significant,Ray Ban Sunglasses.
The AMR board is scheduled to meet Monday, and directors of US Airways Group Inc. planned to meet over the weekend or Monday, people close to the matter said on Friday.
The two sides have been trying to resolve two main outstanding issues - the division of ownership and management roles, in line with the people today, who spoke on condition of anonymity mainly because the talks are private.
Negotiators have settled on a split that would give slightly more than 70 percent of your new company stock to AMR bankruptcy creditors along with the rest to US Airways shareholders, stated a single person.
US Airways CEO Doug Parker would run the new enterprise, which would preserve the American Airlines name. However the precise part for AMR CEO Tom Horton has not been settled, said 3 in the individuals. He might be named non-executive board chairman,Ray Ban Jackie Ohh ii, they stated.
Citing people acquainted with the discussions, Bloomberg News reported that Horton tenure in that position would only last one or two years.
An announcement is conceivable as early as Tuesday but could be delayed,Ray Ban Optical. The two sides are rushing to finish a deal by subsequent Friday. That when a important group of AMR bondholders who help a merger will no longer be restricted by the confidentiality agreement that has prevented the parties from discussing the talks.
AMR and US Airways declined to comment around the talks.
American is the nation third-biggest airline and US Airways ranks fifth by passenger website traffic. Together,Ray Ban Prescription Glasses UK, they would be larger than current world leader United Continental Holdings Inc., despite the fact that United would remain slightly bigger if regional operations just like United Express and American Eagle are counted.
US Airways could be the solution of a 2005 merger with America West, which was smaller sized but controlled the deal and took more than the larger organization name. It has been pursuing a merger with American given that shortly just after AMR filed for bankruptcy protection in November 2011.
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