Scott Gordon, NBC 5 News
The proposed merger between American Airlines and US Airways is set to cross a major hurdle on Wednesday when a bankruptcy judge holds a hearing on the plan, which would create the world's largest airline.
AA Merger Focus of Bankruptcy Hearing
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The proposed merger between American Airlines and US Airways is set to cross a major hurdle on Wednesday when a bankruptcy judge holds a hearing on the plan, which would create the world's largest airline.
Judge Sean Lane will also hear a request from American Airlines to extend the deadline to present a final business plan before emerging from bankruptcy as a profitable company.
American now wants until May 29 to submit its exit proposal, which would put the airline on track to exit bankruptcy in late summer. The new airline would be based in Fort Worth.
One matter that likely will come up at Wednesday's hearing is American CEO Tom Horton's $20 million severance package.
The U.S. trustee, which represents the interests of taxpayers, objects to the payment, arguing it's too much under bankruptcy rules.
American Airlines has said the payment is in line with severances given to outgoing executives in other bankruptcies and that the money will come from the new airline -- after the bankruptcy proceedings are over.
The hearing begins at 9 a.m. Texas time.
Follow Scott Gordon's tweets on the hearing: @ScottGordonNBC5
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