American, US Airways complete merger today
Dec. 9, 2013, Washington, D.C. - American Airlines emerges from bankruptcy protection and US Airways culminates its long pursuit of a merger partner when the two complete their deal Monday and create the world’s biggest airline.
December 9, 2013 By The Associated Press
The merger survived a
challenge from the government and criticism from consumer groups, who
fear it will lead to higher prices. It’s the latest in a series of
mergers that will leave four airlines controlling more than 80 per cent
of the U.S. air-travel market and with more power than ever to limit
seats and boost profits.
When American emerges
from bankruptcy as American Airlines Group Inc., it will mark a
monumental victory for CEO Doug Parker and his executive team at smaller
US Airways, who convinced American’s creditors that a merger made more
sense than letting American remain an independent company.
Plans call for Parker
to mark the day by ringing the opening bell on the Nasdaq Stock Market,
where the new company will debut under the ticker symbol AAL. Parker’s
team will spend the next two years or longer combining the two carriers.
The American Airlines
name will live on, while US Airways will join Continental, Northwest and
other airlines that now exist only in the memories of employees and