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 American's parent, AMR Corp., had been listed on the New York Stock
Exchange as "AMR" until the shares were removed shortly after the
company filed for bankruptcy protection in November 2011. They are
currently available only over the counter under the symbol "AAMRQ." Tom Horton, the CEO of AMR, said the Nasdaq "offers a most advanced
trading platform driven by innovation and efficiency." Shares of AMR and US Airways Group Inc. will be canceled and
exchanged for stock in the new American Airlines Group Inc., which
will be based in AMR's home in Fort Worth, Texas. AMR creditors,
bondholders and shareholders will get 72 percent of the new company,
and US Airways shareholders will get the other 28 percent. At
Friday's stock prices, the new company would have a market value of
more than $16.6 billion.
 Shares of the largest U.S. airline companies — United Continental
Holdings Inc., Delta Air Lines Inc., Southwest Airlines Co. and US
Airways — trade on the NYSE. The Nasdaq is home for JetBlue Airways
Corp., Spirit Airlines Inc. and Allegiant Travel Co., which operates
Allegiant Air. Daniel Cravens, director of investor relations at US Airways, said
both exchanges are capable but the companies picked Nasdaq based on
cost, execution and public relations. While the Nasdaq has a
technology-centric reputation, he said, "it has done a great job of
attracting other industries and is simply just a better fit for the
new company and the direction we want to go." Leslie Pfrang with Class V Group, which helps companies with
strategic planning including stock-exchange listings, said the image
of a fresh start was critical. "They're trying to rebrand themselves," she said of the airlines.
"The Nasdaq has a growthy, tech, emerging-company brand image."
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According to American's website, the airline's stock began trading
on the NYSE on June 10, 1939. AMR didn't come into existence until
1982, when shareholders approved a reorganization plan with a
holding-company format. American and US Airways announced their proposed merger in February.
The U.S. Justice Department sued to block the deal, claiming that it
would limit competition and raise prices. On Tuesday, the airlines
and the government announced a settlement in which the carriers
agreed to give up some of their takeoff and landing rights and gates
at several big airports, principally Washington's Reagan National. The airlines still need final approval from a U.S. bankruptcy judge
in New York who had already approved a reorganization plan built
around the merger, and from the federal district court judge in
Washington who was hearing the Justice Department case. US Airways shares rose 5 cents to $23.72 and AMR shares dropped 22
cents to $11.73 in afternoon trading. [Associated
Press; DAVID KOENIG]
Follow David Koenig at
http://twitter.com/airlinewriter.
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
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