TODAY'S PAPER
86° Good Afternoon
86° Good Afternoon
Business

American Airlines exit extension sought

American Airlines' bankrupt parent has asked a judge to extend by six weeks, through March 11, the period in which it has the exclusive right to propose a plan to exit bankruptcy.

The request, made jointly with its creditors' committee, was filed Friday in U.S. Bankruptcy Court in Manhattan. The current exclusive window is set to end on Jan. 28.

AMR Corp. filed for bankruptcy a year ago in hopes of reducing labor costs and returning to profitability.

Its smaller competitor, US Airways Group Inc., is making a push to acquire it out of bankruptcy. AMR said earlier this year it would prefer to exit as a stand-alone company but is discussing merger options, including with US Airways.

The exclusivity period bars creditors and other parties from proposing their own plans for how AMR should exit bankruptcy. -- Reuters

Comments

We're revamping our Comments section. Learn more and share your input.

More news