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Court Blocks Large AMR Investors From Selling Stock
Fed. court blocks investors from selling stock during proceedings
Monday, Dec 5, 2011 | Updated 12:25 PM CDT
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AMR said the court issued a preliminary ruling last week and will hold a final hearing on the issue Dec. 22.
A bankruptcy court judge has blocked big investors from selling their stock in bankrupt American Airlines parent AMR Corp.
The company said Monday that it sought the ruling to protect its ability to use various tax provisions after emerging from Chapter 11 bankruptcy protection.
The federal court in New York restricted the ability of investors with at least a 4.5 percent stake in AMR from selling stock or creditors with unsecured claims of more than $190 million from transferring the debt while the company is in bankruptcy proceedings.
AMR said the court issued a preliminary ruling last week and will hold a final hearing on the issue Dec. 22.
The company said in a statement that it sought the order to protect its ability to use net operating loss carry-overs and other tax advantages after it reorganizes in bankruptcy.
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