APA INFORMATION HOTLINE
This is APA Communications Director Gregg Overman with the APA Information Hotline for Saturday, Dec. 29.
APA BOARD OF DIRECTORS VOTES TO APPROVE MOU: This morning the APA Board of Directors voted 11-5 to approve a proposed Memorandum of Understanding (MOU) for consideration by AMR and US Airways managements and the US Airline Pilots Association representing US Airways’ pilots. If these other parties agree to the terms of the MOU that APA has approved, the MOU would serve as a framework for an agreement if American Airlines and US Airways proceed to merge. If there is no merger between the two carriers, the MOU would be rendered null and void.
We recognize that our members are understandably interested in being briefed on the specifics of the MOU. Due to a judicially enforceable non-disclosure agreement and relevant Securities and Exchange laws, APA cannot disclose the terms that our Board has approved at this juncture. We are in discussions with the other three parties to the MOU process and the Unsecured Creditors’ Committee about the timetable for their review, and when we would be permitted to divulge specific details if the MOU is approved by the respective parties. We will continue to provide regular updates as MOU-related developments warrant.
It’s worth recalling that the United Airlines pilots’ union leadership did not publicly disseminate details of their pilots’ recently ratified tentative agreement for four months while the terms were under consideration. APA is involved in a complex business transaction under judicial supervision and we are therefore legally constrained in the amount of detail we can provide.
Please note that APA headquarters is currently closed for the New Year’s holiday and will reopen at 8 a.m. Central on Wednesday, Jan. 2. The APA leadership would like to wish everyone a safe and enjoyable holiday.
That’s it for now. Thanks for checking this hotline.