US Airways Group, Inc. (LCC: Quote) said Friday it is very pleased that the AMR Corp. (AAMRQ.PK) management team and Board of Directors have committed to a process to explore consolidation scenarios that will enhance value for its stakeholders.
"As previously stated, US Airways has concluded that a combination is in the best interests of employees, customers and the communities of both companies, as well as AMR's creditors and US Airways' investors. We look forward to engaging in the AMR process to demonstrate the significant advantages of our plan to maximize value for all constituents," US Airways said in a statement.
Earlier Friday,AMR: Quote, the parent company of American Airlines, Inc. and AMR Eagle Holding Corp., said that it has a joint protocol agreement under which the Company and the Official Committee of Unsecured Creditors agree to jointly complete certain actions.
The actions contemplated by the agreement include developing potential consolidation scenarios, but the agreement is not an indication that the company plans to pursue a deal of any kind, AMR said.
AMR and some of its subsidiaries, including American Airlines and American Eagle, filed for Chapter 11 bankruptcy protection in November 2011.
The latest move marks a shift by AMR, which had shrugged off takeover interest expressed by smaller rival US Airways and insisted on a stand-alone restructuring plan.
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by RTT Staff Writer
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