"If I were in the debtor's shoes, I'm not sure I would be doing anything different," said Lawrence Perkins, CEO of SierraConstellation Partners, a restructuring firm. "It's a fairly elegant exit from bankruptcy with a deal that, if approved, would be fantastic. The debtor says, 'If you close, our job is done. If regulators get in the way, they get in the way.'"Since filing for Chapter 11 on Nov. 29, 2011, AMR has been able to get post-petition financing. According to The Deal Pipeline, the company has raised five debtor-in-possession financings worth more than $3.6 billion. Besides some $268 million that will be used to buy 10 aircraft, the rest of the DIP money is for operations. When the carrier reported second-quarter results, it said its cash is $7.1 billion, about $1.3 billion higher than at the same time last year. And that's not even counting the $3.25 billion in two exit financings it has yet to seek.
The Deal: AMR Resists Pondering Life Without US Air
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