Lawyer’s Comments Give AMR Shares A Bounce
Get Breaking News First
Follow the action on Twitter by using the widget on the righthand side of this page.
DALLAS (AP) - Shares of American Airlines parent AMR Corp. rallied after a company lawyer said stockholders might get something back following bankruptcy.
Fort Worth-based AMR could exit from Chapter 11 protection soon after deciding whether to merge with US Airways or remain independent.
Companies often issue new stock after bankruptcy — rendering the old shares worthless. AMR shares on Wednesday jumped 39 cents, or 43 percent, to $1.29.
The Associated Press reports executives of the companies were meeting privately with AMR bondholders. A person familiar with the situation, who spoke on condition of anonymity, says the bondholders’ group heard from AMR executives Tuesday and will meet with US Airways officials Thursday.
Both companies declined comment.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
Also Check Out: