AMR creditors to benefit from any AA-US Air merger

It has been reported that AMR CEO Tom Horton has stated that if American Airlines merges with US Airways that AMR creditors should get most of the new airline’s stock and much more than US Airways has so far proposed. Horton is also reported to be concerned that the costs of a combined airline are hard to gauge because of labor uncertainty at US Airways, which should give grounds to give AMR creditors more equity as compensation for carrying this risk.