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Monday, November 25, 2013

AMR seeks court approval for settlement paving way to US Airways merger, (NYSE: LCC)

The parent company of American Airlines on Monday asked a bankruptcy court to approve a settlement with U.S. regulators that would allow it to merge with rival US Airways Group and create the world's largest airline. Stephen Karotkin, a lawyer for AMR Corp, said the settlement resolving the U.S. Justice Department's antitrust objections was not opposed by any of the company's creditors."Of the literally hundreds of thousands of creditors and shareholders - those entities with a legitimate economic interest in these cases - not one objection was filed," Karotkin said at a hearing in the U.S. Bankruptcy Court in Manhattan.The only opposition came from a group of consumers who had sued the airlines in a separate case alleging the merger would lead to higher prices, more crowded planes and more expensive in-flight amenities. The group sought a temporary restraining order blocking the plan from going into effect.Judge Sean Lane said he would aim to offer a ruling later on Monday, but said it could take 24 to 36 hours.

US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC fell by 0.37% or $-0.09/share to $24.18. In the past year, the shares have traded as low as $11.97 and as high as $25.49. On average, 6963710 shares of LCC exchange hands on a given day and today's volume is recorded at 5912812.