On October 21, 2013, the Bankruptcy Court entered its Findings of Fact, Conclusions of Law, and Order Pursuant to Sections 1129(a) and (b) of the Bankruptcy Code and Rule 3020 of the Federal Rules of Bankruptcy Procedure Confirming Debtors' Fourth Amended Joint Chapter 11 Plan (“the Confirmation Order”). A copy of the Confirmation Order is available by clicking here. On November 27, 2013, The Honorable Judge Sean H. Lane signed an order approving the settlement between the Debtors, US Airways, Inc., and the United States Department of Justice. The settlement resolved all claims and disputes between the Parties asserted in the civil action, as Case No. 13-cv-01236 in the United States District Court for the District of Columbia, commenced by the United States Department of Justice to enjoin the Merger under federal antitrust law. A copy of this order is available by clicking here. The United States Supreme Court later denied a petition to halt the merger.
On December 9, 2013, the merger of AMR Corporation and US Airways Group was completed and the Bankruptcy Court entered the Notice of (I) Entry of Order Confirming Debtors’ Fourth Amended Joint Chapter 11 Plan and (II) Occurrence of Effective Date (the “Notice of Effective Date”). A copy of the Notice of Effective Date is available here. With the merger completed and the effectiveness of the Debtors’ plan, the Debtors’ creditors are slated to receive a full recovery. Distributions include American Airlines Group Inc. common stock (NASDAQ: AAL) and convertible preferred stock (NASDAQ: AALCP) to equity holders, creditors, and employees. American Airlines Group Inc. has announced that holders of AMR common stock (formerly traded under the symbol “AAMRQ”) will receive an initial distribution of approximately .0665 shares of AAL for each share of AMR common stock. AAMRQ holders may receive additional distributions based on the AAL common stock trading price during the 120-day period after the Effective Date and the total amount of allowed claims.
General information about the classes of claims and the distributions those classes are entitled to can be found in the Disclosure Statement. As a general matter, allowed “double dip” claims (AMR Class 3 or American Class 4) will receive 4 shares of New Mandatorily Convertible Preferred Stock on the Effective Date for every $100 dollars of Allowed Claims plus interest. As a general matter, allowed “single dip” claims will receive approximately 2 shares of New Mandatorily Convertible Preferred Stock on the Effective Date for every $100 dollars of Allowed Claims plus interest (you must have provided brokerage information to have access to your shares). For purposes of calculating amounts of Preferred Stock, any fractional amount will be truncated down. In addition, such holders may receive a subsequent distribution of New Common Stock on the 120th day after the Effective Date, and may also receive “true up” distributions from the disputed claims reserve in certain circumstances. Shares may have not been delivered to your brokerage account if you did not provide complete brokerage information to GCG or if you have not informed your broker of the delivery of shares from ConvergEx and ConvergEx’s DTC Participant No. 0100.
As a general matter, allowed administrative, secured, priority and “convenience” class claims will receive cash equal to 100% of the allowed amount of the claim. Allowed claims in an amount less than $25 or those calculated to receive less than one full share of New Preferred Stock will not receive a distribution. Cure payments relate to assumed contracts will also be issued. Checks related to the cash distribution were mailed by GCG on or about December 11, 2013.
Should you have any questions, please call (888) 285-9438, or email AmericanDistribution@gcginc.com.
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