US Airways has filed an 8K with the SEC to begin the process of a takeover of American Airlines, which is currently in Chapter 11 bankruptcy. According to the SEC, Form 8-K is the 'current report' companies file with the SEC to announce major events that must be disclosed to shareholders.
American Airlines has said it wants to emerge from bankruptcy as a standalone carrier. American Airlines parent AMR, which filed for bankruptcy protection on Nov. 29, 2011, is trying to slash its annual labor costs by $1.25 billion and emerge from court supervision. Next week, the struggling airline will try to convince a bankruptcy judge to let it void existing union contracts and impose new ones to secure those spending cuts. Full Story - CBS News
Full Story - CBS News