Reuters: Mergers News: UPDATE 1-AMR, creditors agree to explore merger option-source

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UPDATE 1-AMR, creditors agree to explore merger option-source May 11th 2012, 19:41 Fri May 11, 2012 3:41pm EDT May 11 (Reuters) - AMR Corp, the bankrupt parent of American Airlines, will consider merger options with rivals including US Airways Group, a source familiar with the matter said on Friday. The airline has reached an agreement with its creditors to explore whether a merger would create more value than its plan to exit bankruptcy as a stand-alone carrier, the source told Reuters. The source declined to be named because the matter is not public. Spokesmen for AMR and US Airways did not immediately respond to requests for comment. AMR has long said it intends to emerge from Chapter 11 as a stand-alone carrier, shrugging off US Airways' interest in a deal. US Airways has been courting AMR's creditors, including labor unions that are unhappy with AMR's proposed cost cuts. The unions have said a merger with US Airways would create a stronger airline and save more jobs than AMR's stand-alone plan. US Airways has not made a bid for AMR, which has a court-granted right to reorganize without intrusion by outsiders. That right extends to September.

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