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Thursday, February 14, 2013

American Airlines, US Airways unveil $11 billion merger, (NYSE: LCC)

AMR Corp and US Airways Group unveiled an $11 billion all-stock deal on Thursday that gives creditors of the bankrupt American Airlines parent control of the combined airline.US Air's management team, led by Chief Executive Doug Parker, will assume operational control of the airline, while AMR creditors will wind up owning 72 percent of the combined carrier and take five seats on the 12-member board.US Airways will have four seats on the board. The remaining seats will be filled by AMR representatives."It has been the most successful airline restructuring in history, and we had been very focused from the outset on creating the most value for our owners," AMR CEO Tom Horton told Reuters.

US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC fell by 2.11% or $-0.31/share to $14.35. In the past year, the shares have traded as low as $6.78 and as high as $15.64. On average, 6336830 shares of LCC exchange hands on a given day and today's volume is recorded at 5235134.