It is official! World's largest airline has been created

March 28, 2013 13:46

AMR Corp , American Airlines' bankrupt parent, on Wednesday received court approval to merge with US Airways Group Inc and create the world's largest airline.

But one clause in the merger agreement - a $19.9 million severance package for Tom Horton, AMR's outgoing chief executive -- was not approved by the judge at a hearing in U.S. Bankruptcy Court in Manhattan.

Judge Sean Lane said he will issue a written ruling explaining his decision regarding the severance package, which had brought an objection from the Department of Justice and skepticism from Lane at Wednesday's hearing.

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