[background=rgb(245, 245, 245)] The timeline below illustrates what we can expect to happen over the next six months as the plan of reorganization is completed and the corporation moves through the approval process and eventually exits bankruptcy (most likely in the third quarter, but all dates are estimates). If and when the plan of reorganization is approved, we will then petition for single carrier status and begin negotiations toward a joint collective bargaining agreement and eventually negotiate/arbitrate an integrated seniority list. This entire process is expected to take 18 to 24 months before it is completed. Feb. 20, 2013 [/background]
- Filing of motion to approve merger agreement and support and settlement agreement
Week of Feb. 18, 2013
- Hart-Scott-Rodino (HSR) filing (legal antitrust review by Department of Justice)
March 22, 2013
(30 days after the filing of the motion)
- Bankruptcy court hearing on approval of merger agreement and support and settlement agreement
Week of March 25, 2013
(30 days after the initial HSR filing)
- DOJ issues second request to AMR and LCC requesting additional information regarding the merger
April 21, 2013
(30 days after the approval of the merger agreement)
- Debtors file plan of reorganization (“Plan&rdquo😉 that provides for, among other things, the treatment of claims and consummation of the merger transaction
- Debtors file disclosure statement, which provides a history of the debtors and bankruptcy cases, an explanation of the Plan and treatment of creditors and why the debtors believe the Plan is feasible and the best option available
- Debtors file a motion to approve the disclosure statement that requests, among other things, approval of the disclosure statement, approval of the voting procedures and a schedule for the confirmation of the Plan
Week of May 27, 2013
(60 days after second request from DOJ)
- AMR and LCC respond to second request from DOJ for information regarding the Plan
Week of June 26, 2013
(30 days after responses to second request from DOJ)
- Deadline for DOJ to decide to block merger or not. If it does not block or reach extension of time to consider merger with LCC and AMR, the parties can close on the merger
- Ordinarily DOJ will ask for extension of time and it will be granted by the parties
- It is estimated that DOJ will make a decision between late June and late September
July 5, 2013
(75 days after the filing of the disclosure statement and Plan)
- Hearing before bankruptcy court to consider approval of the disclosure statement
- Court will consider whether the disclosure statement contains adequate information as required by the bankruptcy code
- Objections to approval of the disclosure statement will be due approximately seven days prior to the hearing
Week of July 7
- Distribution to creditors of the disclosure statement, Plan and ballots for voting by UCC with respect to the Plan
Beginning of August
- Voting deadline
- All impaired classes (except those deemed to reject because they will receive no distribution) are entitled to vote
- With respect to each impaired class of claims, the entire class of claims is deemed to accept a Plan if the Plan is accepted by creditors that hold at least two-thirds in amount and more than one-half in number of the allowed claims in the class
- Deadline for objections to Plan
End of August/beginning of September
- Hearing before bankruptcy court to consider confirmation of the Plan
- Court will consider objections to the Plan
- Court will consider whether the Plan satisfies the requirements of Section 1129 of the bankruptcy code
- If the Plan is approved, the debtor can then emerge from bankruptcy. If there is opposition to the Plan, additional delays regarding the corporation’s exit from bankruptcy are possible