Green light for World's Biggest Airline
The boards of American Airlines owner AMR Corp and US Airways Group have approved a merger that would value the combined company at around $US11 billion ($10.5 billion), people familiar with the matter say.
The deal, which will be announced early on Thursday, comes more than 14 months after the bankrupt parent of American Airlines filed for bankruptcy in November 2011, and would mark the last combination of legacy US carriers, following the Delta-Northwest and United-Continental mergers.
The board approval came after AMR's unsecured creditors committee, which includes all three of AMR's major unions, met earlier in the day to approve a proposed merger agreement, the people said. The all-stock merger would give AMR creditors 72 per cent of ownership in the merged entity and US Airways shareholders the rest, the people said.
THE BENELUX BONANZA
The journey I was about to undertake would not only in geographical terms span vast distances over land and sea......it was an odyssey which would cover a period of over four hundred years and one in which I would try to establish a "connection" with my ancestors.