AMR Corp. Chief Executive Tom Horton yesterday told creditors that a merger with rival US Airways Group Inc. would need to result in creditors receiving the lion's share of equity in a combined airline for a deal to proceed, the Wall Street Journalreported today. His remarks indicate the two companies are moving closer to a possible agreement on a merger, even as AMR pursues its own plan from emerging from bankruptcy proceedings as an independent airline. Horton made the comments as part of an update on merger discussions during a gathering of the airline's official creditors committee. While not spending too much time on specific figures, Horton made it clear that American, the No. 3 U.S. airline by traffic, expects its creditors to receive more than 70 percent of the shares of a combined airline.
