UPDATED: American Airlines (AMR) and US Airways Boards Reportedly Agree on Terms of Merger

UPDATE: The Wall Street Journal is reporting that both AMR and US Airways boards have approved the terms of the merger and the announcement is scheduled for tomorrow morning. As expected AMR's creditors would hold 72% of the new airline while US Airways the rest.

Well it looks like the day might be here....Bloomberg News is reporting that the American Airlines and US Airways have come to an agreement on merger terms and the measure is going to the American Airlines (AMR) board for approval and will go to the US Airways board later today with a possible announcement tomorrow, according to a source close to the talks.

The source says that, as we previously thought, the new airline will be based in Fort Worth, Texas and US Airways CEO Doug Parker will become the CEO of the new airline and American CEO Tom Horton will stay on as a non-executive board member


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