Dallas, Texas 11/15/2013 (Financialstrend) – Recently, AMR Corporation (OTCMKTS:AAMRQ) which is a holding company of US Airways Group, and American Airlines, Inc. announced that, the airlines have resolved the legal proceedings brought by the U.S. DOJ (Department of Justice), the States of Florida, Arizona, the Commonwealths of Pennsylvania and Virginia, the Commonwealths of Pennsylvania and Virginia and the District of Columbia challenging the merger of US Airways and AMR. The companies also announced an agreement with the U.S. DOT (Department of Transportation) in relation to small community service from DCA (Washington Reagan National Airport).
Tom Horton, chairman, president and CEO of AMR, and incoming chairman of the board of the combined company, said, “This is an important day for our customers, our people and our financial stakeholders.This agreement allows us to take the final steps in creating the new American Airlines.
Tom Horton also further announced that, with a renewed spirit, the company is going to create the world’s most leading airline which will provide along with its one world partners, a global network and service by the top people in the organization.
As per the terms of the settlement, the airlines is going to divest 52 slot pairs at DCA and 17 slot pairs at LGA (New York LaGuardia Airport) along with certain gates and related facilities for the support of service at those airports. Further, the airlines are also going to divest 2 gates and related support facilities at each of Chicago O’Hare International Airport, Boston Logan International Airport, Los Angeles International Airport,Dallas Love Field and Miami International Airport.
Price update:
AMR Corporation (OTCMKTS:AAMRQ)’s total volume was of 11.97 million shares by the end of last trade while the average volume of the stock was14.51 million shares. The stock opened the session at $12.06 and then after increasing by 1.27% it closed at $11.95.
