A merger between American Airlines and US Airways is reportedly happening soon.
Both sides have reached a tentative agreement. Late Wednesday afternoon, the board of American Airlines' parent company, AMR, approved the merger agreement. U.S. Airways quickly followed suit. An official merger announcement is expected Thursday.
The companies were trying to finish a deal before Friday, when a confidentiality agreement covering some AMR bondholders expires. That could result in public disclosure about negotiation details.
Media sources say US Airways CEO will be CEO of the merged airline and AA CEO Tom Horton would be non-executive chairman. The merger will create the world's biggest airline by passenger traffic, although United Continental Holdings Inc. would still be bigger if regional affiliates are counted.
AMR has been operating under bankruptcy protection since November 2011.