AA and UA airlines merge, CEO is expected to receive 20 million severance package

AA and UA airlines merge, CEO is expected to receive 20 million severance package (Compiled by this website) Associated Press report A federal bankruptcy judge signed off on Americ...

> AA and UA airlines merger, CEO expected to receive 20 million severance package (Compiled by this website) Associated Press reported that a federal bankruptcy judge signed on to support the $11 billion merger of American Airlines (AA) and US Airways (UA). But a judge delayed official filings to consider outgoing CEO Tom Horton's severance package. At a court hearing on Wednesday, the judge said it was a good outcome and there was no objection. The United States has been protecting companies from bankruptcy since 2011. The company proposed to pay CEO Horton a severance package of 20 million, and he will complete the handover within a year. American Trust Company believes that this severance package exceeds the limits of bankruptcy law. Holden has been serving American Airlines his entire career. After he became CEO, American Airlines filed for bankruptcy on November 29, 2011. UA CEO Doug Parker will run the combined company, and Horton will leave after receiving a severance package. UA is not opposed to special compensation arrangements for grassroots employees after the merger.