American Airlines-US Airways merger gets court approval
NEW YORK, March 27
NEW YORK, March 27 (Reuters) - AMR Corp, American Airlines' bankrupt parent, on Wednesday received court approval to merge with US Airways Group Inc and create the world's largest airline.
But one clause in the merger agreement - a $19.9 million severance package for Tom Horton, AMR's outgoing chief executive - was not approved by the judge at a hearing in U.S. Bankruptcy Court in Manhattan.
Judge Sean Lane said he will issue a written ruling explaining his decision regarding the severance package, which had brought an objection from the Department of Justice and skepticism from Lane at Wednesday's hearing.