Thu, Jul 21, 2011
AMR Corporation Announces Intent To Move Forward With The
Divestiture Of American Eagle
AMR Corporation, the parent company of American Airlines,
announced Wednesday its intent to move forward with the divestiture
of AMR Eagle Holding Corporation ("Eagle"). AMR currently expects
the divestiture to take the form of a spin-off of Eagle stock to
the shareholders of AMR.
"We believe that a divestiture of Eagle
would be in the best interests of AMR and Eagle, as well as our
shareholders, customers and employees," said AMR Chairman and CEO
Gerard Arpey. "Strategically for AMR, it would be beneficial, as we
could, over time, diversify our regional feed with additional
regional airlines to ensure we have access to the most competitive
rates and service. A divestiture could provide Eagle an opportunity
to vie for business of other mainline carriers and allow the
carrier to grow. I am proud of the accomplishments of American and
Eagle as a combined group of companies under AMR for the past 26
years, and I look forward to their future, independent
successes."
"For everyone here at Eagle, our highest priority will be to
continue operating safely and reliably for all of our customers
– and earning American's business every day," said Dan
Garton, President and CEO of AMR Eagle and American Eagle Airlines.
"We are excited about today's announcement and the opportunities
for growth that would be available to us as an independent carrier.
We're eager to take on those new challenges."
As part of the process of preparing for
a potential spin-off of Eagle, in August AMR Eagle Holding
Corporation expects to file a Registration Statement on Form 10
with the Securities and Exchange Commission related to the intended
divestiture. The Registration Statement on Form 10 will describe
the divestiture and will contain important information about Eagle,
including its historical consolidated financial statements.
A specific time frame for the divestiture has not been announced.
The company currently envisions the divestiture as a spin-off,
however, it remains open to other options, including a sale, as the
transaction moves forward.
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