The Court’s July 25, 2013 hearing lasted approximately three hours. Reserves Motion. The Debtors filed a motion seeking to establish the maximum amount of disputed claims to be utilized to establish a reserve for disputed claims under the proposed plan of reorganization and to establish procedures for the objection, estimation, and resolution of such claims.…
Category: Bankruptcy
Equity Distribution Update 7-16-2013
Dear Brothers & Sisters: The TWU Equity Distribution Committee, legal counsel and the Presidents Council met on July 16, 2013 at the ATD office in Hurst, Texas to review the draft Equity Distribution Plan. We discussed in detail the many comments and suggestions received from the TWU membership while visiting the various stations on the…
The Facts and Moving Forward
The past year has been a very challenging one. The bankruptcy process has been very stressful on our members. But, we secured an agreement that is far better than any other union has negotiated with a bankrupt company. In fact, the TWU scope protection protects more good paying jobs than any other labor agreement in…
AMR & US Airways Merger Information for AMR Investors (Updated 4/17/2013)
Important note: The brief answers below are provided for informational purposes only and are not intended to be a substitute for a careful review of the relevant documents, which include the Merger Agreement and Support and Settlement Agreement which were filed by AMR Corporation (“AMR”) with the Securities and Exchange Commission (the “SEC”) as exhibits…
TWU Members Currently Owning AMR Stock Will Vote on POR
On June 20, AMR mailed copies of their Plan of Reorganization (POR) to all creditors, members of the Unsecured Creditors Committee, and all individual owners of AMR stock. The purpose of the mailing is to provide recipients the opportunity to review the POR and vote on it. Those of us that held AMR Stock Options,…
More on the TWU Equity Distribution – July 8, 2013
The formula for distribution of stock to American’s unsecured creditors, including all labor groups, is complex and a number of members have asked for further clarification. The TWU has negotiated for our members to receive actual stock with considerable value. This stock will be distributed directly to our members as soon as American exits bankruptcy…
Equity Distribution Update, July 3, 2013
Dear Brothers & Sisters: The TWU Equity Distribution Committee met on July 2, 2013 at the ATD office in Hurst, Texas to review the draft Power Point presentation (attached) as presented by your TWU Equity Distribution Committee, legal counsel and professional advisors. We discussed, in detail, the many comments and suggestions received from the TWU…
AMR Bankruptcy Update – 1114 Process
As American Airlines moves towards an exit from bankruptcy, there is still the issue of the Retiree Medical for current retirees. AA has proposed making modifications to the Retiree Medical Plan by shifting 100% of the cost of maintaining the plan to the current retirees. On January 23, 2013, Judge Lane heard arguments in connection…
AMR- hearing on Thursday, June 27, 2013 – Bobby Gless
Brothers & Sisters, All individual claims that were scheduled to be heard/dismissed at tomorrow’s Omnibus hearing have been postponed (the rescheduled day has not determined yet). Only claims related to a Willie Ray Williams (20 different individual claims) are still on the docket and will be heard/dismissed. Please pass this on to any member…
AMR Bankruptcy Timeline
Nov. 29, 2011 – AMR files for Chapter 11 Bankruptcy Dec. 5, 2011 – TWU earns seat on the Unsecured Creditors Committee Feb. 1, 2012 – AMR presents 1113 “ask” eliminating over 9,000 TWU positions by outsourcing jobs Feb. 13, 2012 – TWU hosts tele- phone town hall Q and A about AMR bankruptcy…