New York (February 15th, 2013) - AMR Corporation’s (OTCQB:AAMRQ) American Airlines, and US Airways have agreed to combine in a transaction that will result in significant value for stakeholders of both companies, including bondholders of AMR. This merger is the best outcome for AMR's restructuring, providing AMR stakeholders with enhanced recoveries.
AMR Corporation operates in the airline industry. The company, through its principal subsidiary, American Airlines, Inc., provides scheduled jet service to approximately 160 destinations throughout North America, the Caribbean, Latin America, Europe, and Asia. American Airlines, Inc. also operates as a scheduled air freight carrier, providing a range of freight and mail services to shippers.
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Swingplane Ventures, Inc. (OTCQB:SWVI) announced the finalization of the Share Exchange Agreement between Swingplane and the shareholders of Mid Americas Corp. Mid Americas holds the rights under an option agreement for the Algarrobo property in Chile.
Under the terms of the Agreement, the shareholders of Mid Americas will exchange all of the shares of Mid Americas for 100,000,000 shares of common stock and 5,000,000 shares of preferred stock of Swingplane. The terms of the Agreement is finalized between the parties and closing will take place immediately upon the completion of the audit of Mid Americas, expected to be completed early next week.
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