American Airlines on Friday urged a bankruptcy judge to approve its Chapter 11 restructuring plan despite an antitrust challenge from the U.S. Department of Justice to its proposal to merge with US Airways Group.In court papers filed in U.S. Bankruptcy Court in Manhattan, American's bankrupt parent, AMR Corp, said failing to approve the restructuring would add "a destabilizing factor" to the merger deal and plans to pay back creditors.The DOJ on Aug. 13 filed a lawsuit to block the proposed $11 billion merger, saying the deal would increase fares and hurt consumers.Merger plans under Chapter 11 must gain both court and regulatory approval, and one does not affect the other. But in a hearing last week in U.S. Bankruptcy Court in Manhattan, Judge Sean Lane held off on approving the plan in light of the DOJ's concerns.
US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC fell by 0.68% or $-0.11/share to $16.16. In the past year, the shares have traded as low as $10.10 and as high as $19.70. On average, 6857930 shares of LCC exchange hands on a given day and today's volume is recorded at 2190856.
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