AMR Exclusivity Period to be extended to 12/27/2012

[jimntx]

Just got this HI6 from the company:

TO: ALL FLIGHT ATTENDANTS
RE: AMR AND THE UCC JOINTLY REQUEST EXCLUSIVITY EXTENSION
.
TODAY AMR ANNOUNCED THE COMPANY AND THE OFFICIAL COMMITTEE OF
UNSECURED CREDITORS (UCC) HAVE AGREED TO JOINTLY REQUEST THAT
THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK EXTEND EXCLUSIVITY FOR AMR TO FILE ITS PLAN OF
REORGANIZATION TO DEC. 27, 2012.
.
IF THE COURT GRANTS THE MOTION, IT WILL EXTEND THE PERIOD
DURING WHICH WE HAVE EXCLUSIVE RIGHT TO FILE A PLAN OF
REORGANIZATION FROM SEPT 18, 2012 TO DEC 27, 2012. DURING AN
EXCLUSIVITY PERIOD, ONLY THE COMPANY CAN FILE A PLAN OF
REORGANIZATION WITH THE COURT. FOR MORE INFORMATION, SEE THE
RESTRUCTURING RESOURCE CENTER ON JETNET.

Just what we all wanted...a 3-month extension to knowing nothing, being told nothing, and not having a clue about our futures.
.

 

[Bob Owens]

Just got this HI6 from the company:

TO: ALL FLIGHT ATTENDANTS
RE: AMR AND THE UCC JOINTLY REQUEST EXCLUSIVITY EXTENSION
.
TODAY AMR ANNOUNCED THE COMPANY AND THE OFFICIAL COMMITTEE OF
UNSECURED CREDITORS (UCC) HAVE AGREED TO JOINTLY REQUEST THAT
THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK EXTEND EXCLUSIVITY FOR AMR TO FILE ITS PLAN OF
REORGANIZATION TO DEC. 27, 2012.
.
IF THE COURT GRANTS THE MOTION, IT WILL EXTEND THE PERIOD
DURING WHICH WE HAVE EXCLUSIVE RIGHT TO FILE A PLAN OF
REORGANIZATION FROM SEPT 18, 2012 TO DEC 27, 2012. DURING AN
EXCLUSIVITY PERIOD, ONLY THE COMPANY CAN FILE A PLAN OF
REORGANIZATION WITH THE COURT. FOR MORE INFORMATION, SEE THE
RESTRUCTURING RESOURCE CENTER ON JETNET.

Just what we all wanted...a 3-month extension to knowing nothing, being told nothing, and not having a clue about our futures.
.

Hmm, with fuel at $80 a bbl profits by December should be pretty high. That should get people asking "Why are they in BK?"

 

[TWU informer]

Let's see, in the last 90 days, we lost our retirement medical plan and now if we dont buy some we will have an I.R.S. problem.

Just great!

 

[Bob Owens]

Let's see, in the last 90 days, we lost our retirement medical plan and now if we dont buy some we will have an I.R.S. problem.

Just great!

Just checked my paycheck, they are still deducting prefunding.??

 

[700UW]

First of all you can get the HCTC from the IRS to help pay for your insurance since your pension is frozen/terminated, and second the mandate has not taken effect yet.

 

[Buck]

First of all you can get the HCTC from the IRS to help pay for your insurance since your pension is frozen/terminated, and second the mandate has not taken effect yet.

Tax!

 

[wings396]

First of all you can get the HCTC from the IRS to help pay for your insurance since your pension is frozen/terminated, and second the mandate has not taken effect yet.

700, can you pls pm me with some further info on this topic. I have been told some conflicting stories.

 

[enough already]

Just checked my paycheck, they are still deducting prefunding.??

We're still under our CBA, right?

 

[mike33]

Just got this HI6 from the company:

TO: ALL FLIGHT ATTENDANTS
RE: AMR AND THE UCC JOINTLY REQUEST EXCLUSIVITY EXTENSION
.
TODAY AMR ANNOUNCED THE COMPANY AND THE OFFICIAL COMMITTEE OF
UNSECURED CREDITORS (UCC) HAVE AGREED TO JOINTLY REQUEST THAT
THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK EXTEND EXCLUSIVITY FOR AMR TO FILE ITS PLAN OF
REORGANIZATION TO DEC. 27, 2012.
.
IF THE COURT GRANTS THE MOTION, IT WILL EXTEND THE PERIOD
DURING WHICH WE HAVE EXCLUSIVE RIGHT TO FILE A PLAN OF
REORGANIZATION FROM SEPT 18, 2012 TO DEC 27, 2012. DURING AN
EXCLUSIVITY PERIOD, ONLY THE COMPANY CAN FILE A PLAN OF
REORGANIZATION WITH THE COURT. FOR MORE INFORMATION, SEE THE
RESTRUCTURING RESOURCE CENTER ON JETNET.

Just what we all wanted...a 3-month extension to knowing nothing, being told nothing, and not having a clue about our futures.
.

Is it at all possible that AA is playing the courts? Maybe they didn't have a solid plan in the first place !

 

[FWAAA]

Is it at all possible that AA is playing the courts? Maybe they didn't have a solid plan in the first place !

While that's possible, it's not very probable, as the unsecured creditors committee is on board with AA's request for extension of the exclusivity period. If AA didn't have a "solid plan in the first place," then the UCC wouldn't agree with the extension of time.

 

[Flying low]

Did anyone really expect AA not to file an extension?

 

[FWAAA]

Did anyone really expect AA not to file an extension?

Certainly didn't surprise me. The 2005 changes to the Ch 11 law gives debtors up to 18 months (including extensions) of exclusivity, plus another couple of months to solicit creditor approval of the POR. Some of us have been saying since 11/29 that AA would probably have 18-20 months of exclusivity.

 

[mike33]

While that's possible, it's not very probable, as the unsecured creditors committee is on board with AA's request for extension of the exclusivity period. If AA didn't have a "solid plan in the first place," then the UCC wouldn't agree with the extension of time.

I would have thought the opposite......but what do i know...im just guessing really

 

[FWAAA]

Hmm, with fuel at $80 a bbl profits by December should be pretty high. That should get people asking "Why are they in BK?"

Oil was up 9.4% on June 29 to $85/bbl, the largest one-day percentage gain in over three years. I'm not betting that oil will be $80/bbl in December - my guess is something over $100/bbl.

In any event, profits should be rolling in by December, as the 1113 process (either abrogation or agreements) should be resolved by then.

 

[Mr Red]

Oil was up 9.4% on June 29 to $85/bbl, the largest one-day percentage gain in over three years. I'm not betting that oil will be $80/bbl in December - my guess is something over $100/bbl.

In any event, profits should be rolling in by December, as the 1113 process (either abrogation or agreements) should be resolved by then.

Oil will be under 80 there is no demand ! The only thing keeping the market from tanking are BAILOUTS,and AA will show profit in June report !