US Airways Group Inc., pressing to take over AMR Corp.’s American Airlines in bankruptcy, made its case for a merger to the company’s unsecured creditors committee, three people familiar with the matter said.
American Airlines parent AMR Corp. began a process to review merger offers yesterday by sending potential suitor US Airways Group Inc. an agreement to allow an exchange of confidential financial information.
Stocks and commodities sank, sending the Standard & Poor’s 500 Index and oil to more than one-year lows, and the euro slid as concern about Europe’s debt crisis overshadowed higher-than-estimated U.S. economic data. Treasury bonds rallied as the Federal Reserve bought longer-term debt.
U.S. stocks tumbled, sending the Standard & Poor’s 500 Index to a one-year low, as concern over Greece’s debt crisis and Bank of America Corp.’s slump outweighed a rebound in manufacturing and construction spending.
US Airways Group Inc., seeking support for a possible American Airlines merger, is discussing a takeover plan with some creditors of the bankrupt carrier and their advisers, people with knowledge of the talks said.