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Skid Kid

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15 Aug 2006
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  Topic: Rivals Eye AAL - Sent 14 Jan 0:15

Potential buyers are circling AAL, weighing bids that could place the storied but unprofitable carrier in the hands of a rival or a private-equity firm.

People familiar with the matter said DAL, AWE & TPG Capital separately are studying bids for AAL, which 2 months ago became the last of the big legacy airline operators to file bor BK-court protection after a decade of industry consolidation.

AAL, which traces its roots back to 1934, has been losing money since 2008. Shorn of its hefty costs, however, the #3 US carrier by traffic could be an attractive prize for DAL or AWE, with hubs in markets including Chicago & Dallas & a strong presence overseas.

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Lisa

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  Topic: Rivals Eye AAL - Sent 15 Jan 17:56

a while ago EK studied a potential buying on AAL i dont recall the reason why not that happened, but i d rather see AAL in EK control over anything else.


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Skid Kid

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  Topic: Rivals Eye AAL - Sent 16 Jan 0:38

It would not be allowed by the government.
A deal for the carrier would represent perhaps the last major move in a wave of airline consolidation that has slashed the number of major national carriers to 5 from roughly 15 20 years ago.

But any such deal could also bring sizable complications, & would likely draw close antitrust scrutiny from the government.

TPG Capital prefers to work with a strategic partner for a possible AAL investment. The firm has approached AAL about its interest.


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Lisa

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  Topic: Rivals Eye AAL - Sent 16 Jan 0:43

can any NOT AMERICAN OR NOT IN USA based group or airline take over the AAL control???


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FLX

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  Topic: Rivals Eye AAL - Sent 16 Jan 12:36

Lisa:
<<can any NOT AMERICAN OR NOT IN USA based group or airline take over the AAL control???>>
According to long-standing but still current rules, no, and it's likely to stay this way for the foreseeable future. All carriers registered in the U.S.(e.g. AA) must meet minimum domestic ownership requirements. Almost all nations(e.g. Canada and U.A.E.) and all unified econ jurisdictions(e.g. EU) on earth hv similar rules for their airlines. Typically, this means no more than 49.9% shares(Usually even less than this %) of an airline can be owned/controlled, either directly or indirectly, by any 1 or more foreign owner(s). If EK buys AA one day, it can hv some influence on AA management(e.g. May be a seat or 2 on the AA board) but technically, it won't hv enough % of shares to effectively/legally <control> the carrier.

It is EXACTLY the same reason why, for example, any NOT GERMAN/EU OR NOT IN GERMANY/EU based group or airline can ever take over LH control.


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Skid Kid

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  Topic: Rivals Eye AAL - Sent 17 Jan 0:47

Why thye interest in UAE taking control of AAL? I had not heard anything specifically mentioning UAE, did I miss a press release?

DAL has hired Blackstone Group as its financial adviser to study a potential AAL bid. Blackstone helped DAL restructure in its 2005 bankruptcy. AWE also has retained advisers to help it assess a possible bid for AAL.

Any bids for AAL likely wouldn't come for many months & would hinge on its ability to use the Chapter 11 process to chop its labor costs, shed unwanted aircraft and mark down its contracts with suppliers.

A sale of AAL would require a bankruptcy judge's approval & input from parties such as the airline's creditors, who include the government's PBGC, BOE, & labor unions representing pilots. AAL's restructuring efforts could take anywhere from 1-1.5 years, & possibly longer.


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Rivals Eye AAL

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