AMR Corporation (OTCMKTS:AAMRQ) Starts Fresh and Announces New Leadership
Northern, WI 06/10/2013 (GDPInsider) – AMR Corporation (OTCMKTS:AAMRQ) has been teasing investors for the last few weeks with its impending merger with US Airways Group, Inc.
Well the tease is officially over as the two companies have completed the much anticipated union – a move which was seen as crucial to the survival of both airways. AAMRQ benefited slightly from the fresh start and the stock opened up today 4.87, 0.02 cents more than previous close of 4.85. Investors had anticipated the merger and much of the new outlook for the stock was already priced in. Volume was marginally strong with 3.652 million shares trading hands over the course of the trading day.
As one can imagine the breaking developments have been thick and fast coming out of AAMRQ, and the company wasted no time in informing shareholders about plans for shoring up operations as the new entity gets ready to sync all the pieces together.
Top of the list are AAMRQ’s plan to reorganize operations and move ahead with an original proposed Plan of Reorganization. The U.S. Bankruptcy Court for the Southern District of New York who had initially handled the proposal, granted permission for the release of the Disclosure Statement filed in connection with the plan.
AAMRQ is expected to submit the plan to shareholders for approval and already it has been disclosed that the Official Committee of Unsecured Creditors, holders of approximately $1.6 billion of prepetition unsecured claims have indicated their intent to vote yes for the reorganization plan.
Securing solid leadership for the newly merged operations is course also crucial and AAMRQ have taken steps to ensure that stewardship is sound at the top. The company announced that Tom Horton, 52, will serve as Chairman of the Board of the new American Airlines. Doug Parker, 51, will serve as Chief Executive Officer and a member of the Board of Directors.
Parker was the lead-man in handling the release and commented on the importance of the new leadership appointments: “This announcement is another important step forward in creating the new American Airlines and opening a new chapter for its more than 100,000 team members. We are combining the strengths of legacy American and US Airways and creating a collaborative industry-leading leadership team,” said Parker.
AAMRQ has increased 1,276.40% on its 52-week low of 0.3560 and the stock has a RSI of 47.63.
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