A judge on Wednesday approved a settlement resolving U.S. regulators' opposition to a merger between AMR Corp and US Airways Group Inc, allowing AMR, the bankrupt parent of American Airlines, to soon close on a tie-up that will create the world's largest carrier.Judge Sean Lane, at a hearing in U.S. Bankruptcy Court in Manhattan, called the settlement "fair and equitable" and said it was in the "best interest" of AMR's creditors in bankruptcy.AMR said in a statement it will seek to close on the deal by Dec. 9. However, a group of consumers that opposes the merger could delay matters by appealing Lane's approval.The U.S. Department of Justice had challenged the merger, which was to serve as the basis for AMR's plan to exit Chapter 11, where it has been for about two years, and pay back stakeholders. The DOJ's antitrust watchdog said the plan could impede competition and drive up ticket prices.
US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC fell by 0.04% or $-0.01/share to $23.80. In the past year, the shares have traded as low as $11.97 and as high as $25.49. On average, 7197910 shares of LCC exchange hands on a given day and today's volume is recorded at 3337825.
Source
