The new American said Monday that holders of AMR common share, which ceased trading Friday, will receive an initial distribution of 0.0665 AAL share for each AMR share held. The two-year restructuring of AMR resulted in outsize recovering for unsecured creditors, who will be repaid in full, AMR's big unions, which will receive a big slab of new equity, and AMR's common holders. If the AAL trading price holds up in the $22-a-share range for the next four months, AMR holders could be in line to own about one-third of the combined company, or roughly $5 billion of equity, according to the new American. Mr. Parker had been CEO of US Airways and pushed hard for the merger, convincing AMR's labor unions, creditors and, finally, management, of the wisdom of creating a larger airline better able to compete with two U.S. behemoths that already grew through mergers.
Source: GOOGLE NEWS
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