A group of AMR Corp. bondholders with about $885 million in debt has told pilots that its support for a stand-alone American Airlines after bankruptcy would be conditioned on the appointment of a new board.
The debt owners detailed that stance in a letter to Allied Pilots Association President Keith Wilson that was posted on a portion of the union website yesterday. According to a September court filing, the group included JPMorgan Chase & Co. and Pentwater Capital Management LP.
While the ad hoc bondholders don't hold a seat on AMR's unsecured creditors committee, the group has come together to seek an official voice in the restructuring. Fort Worth, Texas-based AMR has said it prefers to leave bankruptcy as an independent company, while US Airways Group Inc. has been pushing for a merger with the third-largest U.S. airline.
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