Join The Discussion

 

North Tarrant Express completion date moved up to October

Fort Worth-area commuters can expect the 13.3-mile North Tarrant Express to open in full operation in October, eight months ahead of the original schedule.

read more >

TCU's Neeley School receives $30M donation as part of planned expansion

A $30 million foundation gift to Texas Christian University will help guide a $100 million facility expansion for the Neeley School of Business.

read more >

Left Bank project hits roadblocks on access, traffic

Questions about fire access and traffic are bogging down talks on an economic incentive agreement for the planned, $300 million Left Bank development on the Trinity River at West Seventh Street, Fort Worth officials and the developer acknowledge.

read more >

Mixed-use complex at Fort Worth TRE parking lot could cost $60 million

A design panel proposes two buildings on Trinity Railway Express lot on Near Southside, with a mix of apartments, retail, office and parking, and frontage on West Vickery and views across I-30 and overlooking downtown.

read more >

UPS adding Alliance, McKinney locations and 500 area jobs

UPS said Aug. 21 it will add two new package distribution facilities in the Dallas-Fort Worth area

read more >

 

AMR creditors to vote on merger with US Airways

 

DALLAS (AP) — A federal judge has cleared the way for American Airlines' creditors to vote on a merger with US Airways.

U.S. Bankruptcy Judge Sean Lane on Tuesday approved American parent AMR Corp.'s description of its restructuring plan, including a merger that would create the world's biggest airline.

If creditors approve the plan, the company will return to court to seek final approval from Lane this summer.

At a hearing Tuesday in New York, the judge delayed ruling on a $19.9 million severance package for AMR CEO Tom Horton.

The U.S. trustee's office, part of the Justice Department, objected that the size of Horton's payout violated at 2005 law designed to limit payments by bankrupt companies to insiders. Lane postponed a decision until he makes a final ruling on AMR's reorganization plan this summer.

Under the merger plan, the combined airline will be run by US Airways Group Inc. CEO Doug Parker, and Horton will serve briefly as chairman before stepping down. The merged company will be called American Airlines Group Inc. and based in Fort Worth, Texas.

AMR spokesman Michael Trevino said the company was pleased that the bankruptcy judge approved the description of its turnaround plan — called a disclosure statement — "allowing us to move forward with our restructuring and our planned merger with US Airways."

Trevino said in a statement that the plan would "provide the foundation for a stronger future for our people and our customers."

AMR lost money in April, but it has slashed labor costs by about one-fifth, and Horton said last week that the company was on track for a "strongly profitable" April-to-June quarter.

The merger and turnaround plan would result in full repayment to AMR bondholders. Shareholders, whose investments usually are wiped out in bankruptcy, would get at least 3.5 percent of the new company's stock.

AMR filed for bankruptcy protection in November 2011, and US Airways pushed for a merger throughout 2012. In February the companies announced plans to merge. The combined airline would leap over No. 1 United Airlines and No. 2 Delta Air Lines to become the largest carrier by passenger miles.
 

< back

Email   email
hide
Arena
What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?