AMR Asks Court for More Time to File Bankruptcy Plan
AMR Corp., the parent of American Airlines reorganizing in bankruptcy, asked a judge for more time to file its restructuring plan as the carrier weighs a possible merger with US Airways Group Inc. (LCC)
American wants to extend from March 11 to April 1 its exclusive right to submit a proposal to pay creditors and emerge from court protection, it said yesterday in a filing in U.S. Bankruptcy Court in Manhattan.
The additional time, if approved by U.S. Bankruptcy Judge Sean Lane, would be the fifth such extension since Fort Worth, Texas-based American filed for bankruptcy in November 2011. The extension would prevent rival plans from being filed in court.
The airline said the extension would allow it to review with creditors “all strategic alternatives.” Chief Executive Officer Tom Horton said this month that the airline expected to reach a decision on whether to merge with US Airways in a matter of weeks.
The case is in re AMR Corp. (AAMRQ), 11-15463, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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