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February 20, 2013

American and US Airways file 10-Ks

American Airlines and its merger partner, US Airways, filed separate 10-K documents with the Securities and Exchange Commission on Wednesday afternoon.

After skimming through the 100-plus-page filings, there are a few tidbits to note:

-40 percent of AMR's operating revenues in the past three years were from foreign operations (i.e. routes to international cities)

-Wages, salaries and benefits were about 28 percent of AMR's operating expenses in 2012 while fuel was 35.2 percent of the operating expenses. The carrier ended the year with 77,750 full-time equivalent employees. At US Airways, employee costs were about 22 percent of its operating expenses while fuel was 35.6 percent.

-And although it was in documents filed last week, the filing notes that American will have to pay US Airways $135 million termination fee if it gets a "superior proposal" and a $195 million termination fee if there is a deliberate breach of the agreement by AMR. US Airways would have to pay American a termination fee of $55 million for a "superior proposal" and $195 million termination if US Airways breaches the agreement.

-So far, $290 billion claims have been filed against AMR during bankruptcy with the court disallowing $100.2 billion of those claims. The remaining claims have not yet been ruled on.

-Andrea Ahles


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Andrea, have you seen any court filings for breaking the lease at Alliance AFW?

Andrea Ahles

Tim, to date, AMR hasn't filed anything with the bankruptcy court to terminate its lease at Alliance AFW. And I have been looking!

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