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VOL. 128 | NO. 186 | Tuesday, September 24, 2013

American, US Airways Extend Merger Deadline

AP

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FORT WORTH, Texas (AP) – US Airways and American Airlines are extending their merger deadline by at least a month to wait for the outcome of an antitrust lawsuit filed by the federal government.

That trial is scheduled to begin Nov. 25. The airlines' original agreement allowed either side to call off the merger after Dec. 17, but there might not be a verdict in the trial by then. The new agreement extends the merger deadline to Jan. 18 or later, depending on when the court rules.

The airlines were within weeks of closing their deal when the U.S. Justice Department sued in August to stop the merger, saying that it would hurt competition and boost prices. The airlines argue that other mergers were allowed to go forward and that their merger would create a stronger competitor to bigger rivals United and Delta.

The airlines also confirmed that they dropped an agreement to pay Tom Horton, the CEO of American parent AMR Corp., nearly $20 million in severance. If the merger is completed, he would step aside soon afterward while US Airways Group Inc. CEO Doug Parker runs the combined company.

The judge in AMR's bankruptcy case ruled this month that the payment to Horton would violate bankruptcy law.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
MARRIAGE LICENSES 17 103 3,031

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