Unsecured creditors give American until December 27 to work out their own reorganization plan

American Airlines (Dallas/Fort Worth)’ unsecured creditors are giving AMR some space and time to work out their own reorganization plan. This time period will keep US Airways (Phoenix) away (for now) if the bankruptcy court grants this motion to AMR management.

The company has issued this short statement:

“AMR Corporation, the parent company of American Airlines, yesterday (June 29) announced that the Company and the Official Committee of Unsecured Creditors (UCC) have agreed to jointly request that the United States Bankruptcy Court for the Southern District of New York extend exclusivity for AMR to file its Plan of Reorganization to December 27, 2012.”

US Airways and the unions have not yet commented on this statement. Stay tuned.

American: