Judge Approves American-US Airways Merger
NEW YORK (AP) — The $11 billion merger of American Airlines and US Airways has won bankruptcy court approval.
Yesterday's widely-expected decision by Judge Sean H. Lane helps clear the way for the two carriers form the world's biggest airline, with 6,700 daily flights and annual revenue of roughly $40 billion.
The merger, first announced on Feb. 14, still needs approval from antitrust regulators and US Airways shareholders. It is expected to close by the fall.
American has been in bankruptcy protection since November 2011.
Lane decided not to approve a $20 million severance package for outgoing American CEO Tom Horton. He plans to issue a written decision at a later date detailing his reasoning.