Ad-Hoc Committee Representing American Airlines Bondholders Issues Statement Regarding American Airlines and US Airways Merger

Feb 14, 2013, 08:28 ET from The Ad-Hoc Committee

NEW YORK, Feb. 14, 2013 /PRNewswire/ -- The Ad-Hoc Committee representing bondholders of AMR Corporation (OTCQB: AAMRQ), the parent company of American Airlines, Inc., today issued the following statement regarding the announced merger of American Airlines and US Airways Group, Inc. (NYSE: LCC):

We are pleased that American Airlines and US Airways have agreed to combine in a transaction that will result in significant value for stakeholders of both companies, including bondholders of AMR.  This merger is the best outcome for AMR's restructuring, providing AMR stakeholders with enhanced recoveries. We are pleased that the Ad Hoc Committee, along with certain other large bondholders, have been able to reach an agreement with AMR regarding a fair and appropriate allocation of value among AMR stakeholders and believe that such agreement will avoid significant litigation that might otherwise jeopardize consummation of the merger. We acknowledge the efforts of Tom Horton and the American Airlines Board of Directors and management team, as well as the work of Doug Parker and the US Airways Board and management team, who have worked extremely hard for more than a year to make this transaction possible and AMR's restructuring a success.  Gerard Uzzi and Tom Janson of Milbank, Tweed, Hadley & McCloy LLP and Eric Siegert of Houlihan Lokey represent the Ad Hoc Committee.  Seabury Group and Amy Caton of Kramer Levin Naftalis & Frankel LLP represent Bank of New York Mellon and Law Debenture as indenture trustees in connection with the negotiations.

SOURCE The Ad-Hoc Committee