By JEFFREY McCRACKEN, MARK SCHLANGENSTEIN and DAVID McLAUGHLIN Bloomberg News
The boards of American Airlines parent AMR Corp. and US Airways Group Inc. are prepared to vote on a merger on Feb. 11 as executives and advisers work on final terms this weekend, people familiar with the matter said.
The sides have agreed that AMR’s bankruptcy creditors would get 72 percent of the equity in the new carrier, with 28 percent for US Airways shareholders, said two of the people, who asked not to be identified because the talks are private. US Airways Chief Executive Officer Doug Parker will run the airline as AMR CEO Tom Horton becomes non-executive chairman, the person said.
Horton’s tenure in that post is still being negotiated, and will be limited to one or two years, one of the people said. AMR’s bankruptcy creditors committee is poised for a vote early next week on any merger accord, with an announcement as soon as Feb. 12, two people said.