After receiving approval from the court overseeing its bankruptcy proceedings to solicit feedback from creditors and shareholders regarding its reorganization plan, AMR (NASDAQOTH:AAMRQ), the parent of American Airlines, today announced overwhelmingly positive results from preliminary voting.
According to AMR, at least seven of its eight creditors with voting authority, representing "more than 97 percent of the claims value voting in each class," have approved its reorganization plan. Of the voting shares of AMR stockholders that have been tabulated to date, more than 99% have voted in favor of the plan, AMR said.
AMR plans to finalize the creditor and shareholder voting results and file them with the U.S. Bankruptcy for the Southern District of New York prior to its confirmation hearing scheduled for Aug. 15. The plan still needs the judge's approval.
AMR chairman, president and CEO Tom Horton commented, "This is another important milestone toward our launch of the new American." AMR hopes to emerge from Chapter 11 bankruptcy protection at the same time as its planned merger with US Airways closes; both are expected to occur in Q3 of 2013.
Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
3 Stocks You'll Want To Own If Inflation Begins To Rise
Rising prices erode purchasing power; here are 3 stocks that are fit to mitigate that loss
Ask a Fool: Recouping Shares After a Merger
Investing in special situations and bankruptcies can be incredibly challenging, and sometimes, the risk can really outweigh the reward.
Airlines Having Fun With Promotions
Corporate promotions can make for some good laughs, and some airlines have been showing that they have a sense of humor.