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AMR lost money in April, but it has slashed labor costs by about one-fifth, and Horton said last week that the company was on track for a "strongly profitable" April-to-June quarter. The merger and turnaround plan would result in full repayment to AMR bondholders. Shareholders, whose investments usually are wiped out in bankruptcy, would get at least 3.5 percent of the new company's stock. AMR filed for bankruptcy protection in November 2011, and US Airways pushed for a merger throughout 2012. In February the companies announced plans to merge. The combined airline would leap over No. 1 United Airlines and No. 2 Delta Air Lines to become the largest carrier by passenger miles.
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