A US Airways tail rest on the tarmac near an American Airlines plane at Ronald Reagan Washington National Airport in Arlington, Virginia on April 23, 2012. American Airlines heads to federal court on April 23, 2012 to convince a bankruptcy judge that to survive, it must break labor agreements that workers fought decades to win. The airline lost more than $10 billion USD in the decade leading up to its declaration of bankruptcy last November. During that same period most of its major rivals used the bankruptcy process to cut wages and benefits, which American says has left it saddled with higher labor costs. US Airways has won the support of unions at the bankrupt American Airlines for a proposal to fold the two companies into one giant carrier, US Airways CEO Doug Parker said on April 20, 2012. AFP PHOTO/Jim Watson (Photo credit should read JIM WATSON/AFP/Getty Images)
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DALLAS (CBSMiami) – The long-awaited merger between American Airlines and US Airways Group has finally been approved by the boards of the two air carriers.
The $11 billion all-stock merger deal creates the world’s largest air carrier, according to a joint announcement from the airlines in an article from the News Service of Florida.
Miami International Airport is home to American Airlines’ second-largest hub.
Fitch Ratings released a report Wednesday that said Miami, which is a gateway to Latin America for many carriers, could remain a “solid franchise” under the merger with its operational performance remaining intact.
US Airways confirmed the news at 6:45 am on Thursday on its Twitter account saying, “We are proud to announce @AmericanAir & @USAirways are coming together to create the new American.”
Read about the terms of the agreement in the full article.
(TM and © Copyright 2013 CBS Local Media, a division of CBS Radio Inc. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The News Service of Florida contributed to this report.)
