AMR Corp. may have more turnaround time
The parent company of American Airlines may get more time to present a turnaround plan in federal bankruptcy court.
AMR Corp. said Friday that a committee of unsecured creditors agreed to support a three-month extension for AMR’s exclusive right to offer a restructuring plan.
An extension could give American the time it needs to complete cost-cutting agreements with labor unions and might help it fend off a takeover bid by US Airways.
The exclusive period has already been extended once and was due to expire Sept. 28, but American will ask for a new deadline of Dec. 27.