AMR Corp (American Airlines) asked a court on Friday for an extension of exclusivity to file its plan of reorganization and exit from Chapter 11 protection. American wants a 20 day extension from March 11 to April 1 (April fools day?) to submit the plan, the company said in a filing with the U.S.Bankruptcy Court in New York. The request is supported by the Official Committee of Unsecured Creditors.
The request comes as American and suitor US Airways are are finalizing negotiations of their possible merger. American states, “American and the UCC [unsecured creditors committee] are pursuing their collaborative review of strategic alternatives that might be beneficial to American’s economic stakeholders and the enterprise.”
The confidentiality agreements between AA and USA were set to expire January 11, 2013, now will go to the end of January, by which time the two are expected to make public their decision on a merger.
It would be the fifth extension of exclusivity granted to the company since it filed for Chapter 11 protection in November 2011.
On November 29, 2011, AMR Corporation (American Airlines) and certain of its affiliates (the “Debtors”) filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). These Chapter 11 Cases have been assigned to the Honorable Sean H. Lane and are being jointly administered under the main case, AMR Corporation, Chapter 11, Case No. 11-15463 (SHL).