Following years of bankruptcy filings and debt consolidations, American Airlines and US Airways are expected to announce a merger Thursday, lowering the total of major carriers in the industry to four.
Corporate board members gave the thumbs-up to the deal late Wednesday, The Associated Press reported.
Under the deal, American Airlines will keep its name, and US Airways will get the CEO slot, as Doug Parker will take the helm.
The two companies have been discussing the deal since August, after creditors warned of a looming financial crisis, AP reported. Since 2011, American Airlines has been operating under bankruptcy protection.
The merged airlines will have 900 planes and offer 3,200 flights per day, Fox News reports. For customers, the merger may actually bring higher prices, Fox News adds.
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