NEW YORK (AP) – The $11 billion merger of American Airlines and US Airways has won bankruptcy court approval.
The widely-expected decision by Judge Sean H. Lane helps clear the way for the two carriers form the world's biggest airline, with 6,700 daily flights and annual revenue of roughly $40 billion.
The merger, first announced on Feb. 14, still needs approval from antitrust regulators and US Airways shareholders. It is expected to close by the fall.
``The merger is an excellent result. I don't think anybody disputes that,'' Lane said during a court hearing. American has been in bankruptcy protection since November 2011.
Lane decided not to approve a $20 million severance package for outgoing American CEO Tom Horton. He plans to issue a written decision at a later date detailing his reasoning.