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Obama calls for offshore drilling in Southeast

WASHINGTON — The Obama administration on Tuesday outlined a politically fraught plan for allowing oil and gas drilling offshore along parts of the Atlantic coast while imposing new restrictions on environmentally fragile waters off northern Alaska.

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Alliance's Hillwood Commons lands first tenant

A large title insurance, property valuation and settlement services company is the first tenant at Hillwood Commons I, an office complex at Alliance Town Center.

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Museum District: Area’s evolution creating more interaction, public spaces

Fifteen years ago if someone had shot a cannon from Fort Worth’s world-renowned museum district, nobody would have noticed, joked Lori Eklund, senior deputy director of the Amon Carter Museum of American Art. But that has changed.

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Energy Transfer Partners, Regency Energy announce $18B merger

Energy Transfer Partners LP of Dallas and Regency Energy Partners LP have entered into a definitive merger agreement.

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Fort Worth's mayor looking for new chief of staff

Jason Lamers is leaving the city after 14 years to join Burlington Northern Santa Fe.

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AMR says creditors approve reorganization plan

FORT WORTH, Texas (AP) — Creditors overwhelmingly approved the bankruptcy reorganization plan for American Airlines parent AMR Corp., which includes a merger with US Airways that would create the world's biggest airline.

AMR said Thursday that preliminary results show that at least 88 percent of the ballots cast by creditors favored the turnaround plan. AMR shareholders backed the plan even more strongly, with more than 99 percent of shares cast in favor, the company said.

The plan still needs approval from a federal bankruptcy judge in New York, who has scheduled a confirmation hearing for Aug. 15. Antitrust regulators in the U.S. Department of Justice are also reviewing the merger with US Airways.

Since filing for Chapter 11 protection in November 2011, AMR has cut labor costs by about one-fifth and ordered hundreds of new planes to update American's fleet. AMR expects to close the merger with US Airways and exit bankruptcy by the end of September.

Voting by creditors ended Monday. The final results must be filed with the bankruptcy court before Aug. 15.

"This is another important milestone toward our launch of the new American," AMR CEO Tom Horton said in a statement. "The overwhelming support for our plan of reorganization is a testament to the resilience and hard work of the entire American team."

AMR lost more than $10 billion after 2000 as the airline industry was buffeted by the 9/11 terror attacks, recessions that curbed travel demand, and spikes in jet fuel prices. AMR tried to return to profitability by extracting cost-cutting contracts from labor unions in 2003, but that failed. Rivals United, Delta and US Airways went through bankruptcy and emerged with lower costs than American, and United and Delta used acquisitions to surpass American in size.

In morning trading, US Airways Group Inc. shares fell 2 cents to $19.33, still close to their 52-week high of $19.70. They have increased more than four-fold in value since AMR's bankruptcy filing, as investors bet on the prospect of a merger. AMR shares no longer trade on the New York Stock Exchange, but in over-the-counter trading they rose 15 cents, or 2.5 percent, to $6.08. They were worth $1.62 the day before the Chapter 11 filing.
 

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