As we, and others have speculated, AMR and US Airways' board of directors are meeting this afternoon (albeit separately) to vote on a tentative agreement to merge.
Bloomberg News reported on Wednesday that the two airlines have reached an agreement and that once the AMR directors vote, the agreement will be taken up by the US Airways board.
While full details have not leaked out yet, sources said earlier this week that AMR's chief executive Tom Horton will become non-executive chairman of the new company for a limited period of time while US Airways chief executive Doug Parker will be named chief executive. The equity split is currently 72 percent for AMR's creditors and 28 percent for US Airways shareholders.
We have left messages with both carriers for a comment on the Bloomberg report and haven't heard back yet.
If both boards approve the agreement, an announcement is expected to be made on Thursday at Dallas/Fort Worth Airport with executives then heading to Phoenix to hold another press conference and employee meeting there.
Parker has said the new company would retain the American Airlines name and keep its headquarters in Fort Worth.
Of course, nothing's final until it's final so stay tuned.