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January 11, 2013

American asks the bankruptcy court for a 20-day extension to file its restructuring plan

American Airlines' parent company is asking the bankruptcy court for an additional 20 days to file its reorganization plan.

The extension would give American the exclusive right to file its plan with the court until April 1 and then creditors until May 31 to weigh in on the plan.

"The relief requested will allow American to continue focusing on preserving and enhancing going concern values and restructuring American's financial condition and operations to achieve a competitive and sustainable cost structure, and, thus, achieve the objectives of chapter 11 - a successful rehabilitation," the carrier said in its filing.

The request, which was filed in court on Friday, is supported by the Unsecured Creditors Committee. American has asked for several extensions which have been granted by the court.

The carrier is currently in discussions with US Airways about a possible merger. AMR's board of directors met on Wednesday but did not make any decision regarding a potential deal.

"American has made significant progress in its restructuring. This work, while progressing well, takes time, and American and the unsecured creditors’ committee believe that the proposed extension to April 1, 2013, is appropriate for this process to continue in an orderly and efficient manner," said American spokesman Sean Collins.

-Andrea Ahles

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Comments

CeoCrookWannaBe

Again we implore you your honor------We need just a little more time to screw a few more people

whitey

yes.of course. just pay me off some more money and motion granted.

Get Real

You want to talk about getting screwed? How about all the pension plans that got terminated in other airline bankruptcies?

I'm not saying that American's people have had it easy, but it could have been far, far worse for them.

RL

Of course there will be an extension granted - but not for the executive jobs at Centrepork! Lets get this show on the road!

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