Claremore Daily Progress

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March 29, 2013

American-US Airways merger approved by judge

(Continued)

OKLAHOMA CITY —

The proposed severance package includes $19.9 million in cash and stock as well as a lifetime of free first-class tickets on American for Horton and his wife.
Horton could still receive the payout. American’s lawyers offered a possible solution during the hearing: American and US Airways would amend their merger agreement to say that Horton’s severance would be subject to ratification of the board of directors of the new airline, after the merger closes.
Jack Butler, a lawyer with Skadden, Arps, Slate, Meagher & Flom, said he expects Horton to eventually get his payout. Butler’s firm represents American’s creditors, who support the merger.
“Tom has never made this case about himself, and I don’t expect him to start now,” Butler said.
In most bankruptcy cases, creditors lose part of the money they are owed. Thanks in part to the merger, creditors in this case will get back what they are owed. Onetime shareholders of AMR Corp. are slated to get a 3.5 percent of the new airline.
Separately, Lane approved a motion to extend American’s exclusive period for filing a reorganization plan until May 29, the last such extension allowed under law. There is then a 60-day waiting period for creditors to object to the plan before Lane can sign off on American’s emergence from bankruptcy protection.

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