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July 29, 2013

AMR creditors wrap up voting on restructuring plan

Today is the deadline for AMR Corp. creditors to decide to accept or reject the Fort Worth-based carrier's restructuring plan that includes a merger with US Airways.

Creditors have until 4 p.m. CDT on Monday to cast their votes on the plan. The bankruptcy court will then consider confirming the restructuring plan of American Airlines' parent company at a hearing on August 15 in New York.

If creditors want to file an objection to the plan, they must file it with the court by July 30. Responses to the objections are due a week later.

At previous hearings considering the restructuring plan, the U.S. bankruptcy trustee has filed an objection to the $20 million compensation package for AMR chief executive Tom Horton. The judge has made no decision on the compensation for Horton, who will stay on with the new company as a non-executive chairman.

-Andrea Ahles


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