American Airlines, US Airways announce merger
American Airlines, US Airways announce merger
Creamfields - Creamfields 2015 Will Blow Your Mind
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SHOTLIST: DALLAS, TEXAS, FEBRUARY 14, 2013, SOURCE: CBS **RESTRICTIONS: NO RESALE for non-editorial purposes No Japan No Free over the air broadcasters in Australia No US cable news outlets, free over the air networks or stations, their websites and their mobile phone services SOUNDBITE 1 Doug Parker (man), CEO, US Airways (English, 15 sec): "It makes sense now. It made for a while, we think, but sometimes all the planets need to align and it's taken a while for us to get here but fortunately we've come to an agreement that this makes sense for all of our customers, for all of our employees, our investors and we couldn't be happier." SOUNDBITE 2 Tom Horton (man), CEO, American Airlines (English, 13 sec): "This was really the logical next step to return American back to industry leadership. We'll be the number one airline in the world and create really a truly world class global carrier with our partners at US Airways." UNDATED FILE IMAGES, SOURCE: CBS **RESTRICTIONS: NO RESALE for non-editorial purposes No Japan No Free over the air broadcasters in Australia No US cable news outlets, free over the air networks or stations, their websites and their mobile phone services - VAR file images of a US Airways fleet on the runway, landing and taking off HANDOUT RELEASED JANUARY 17, 2013, SOURCE: AMERICAN AIRLINES **NO RESALE for non-editorial purposes** - excerpts of a promotional video unveiling the new American Airlines look, which includes a new logo and exterior for its planes UNDATED FILE IMAGES, SOURCE: CBS **RESTRICTIONS: NO RESALE for non-editorial purposes No Japan No Free over the air broadcasters in Australia No US cable news outlets, free over the air networks or stations, their websites and their mobile phone services - VAR of American Airlines planes on the runway ------------------- AFP TEXT STORY US-transport-aviation-company-AmericanAirlines-USAirways,2ndlead American Airlines, US Airways announce merger by John Biers NEW YORK, Feb 14, 2013 (AFP) - American Airlines parent company AMR Corp and US Airways announced Thursday that their boards have approved a merger agreement to create the largest US airline. The combined company, which will have an implied equity value of approximately $11 billion, will become a fully operating entity following American's pending bankruptcy proceeding, according to a news release. The companies expect the deal to result in combined synergies of more than $1 billion. Following American's emergence from bankruptcy and the execution of the deal, US Airways will hold approximately 28 percent of the company, with American interests holding the rest, the news release said. The deal follows a spate of earlier US airline mergers that have reshaped the sector and improved profitability. The added heft gives American a better chance of competing with fellow airline giants United and Delta in terms of offering more destinations in an efficient manner. "The combined airline will have the scale, breadth and capabilities to compete more effectively and profitably in the global marketplace," said US Airways chief executive Doug Parker. "Our combined network will provide a significantly more attractive offering to customers." The combined airline will offer more than 6,700 daily flights to 336 destinations in 56 countries, the news release said. The new airline will be the largest US airline in terms of revenue. The companies touted the deal for strengthening the combined company's competitive presence in the US Northeast, the western part of the US and Latin America. Some observers have said the deal still leaves American with a relatively weak position in Europe and Asia compared with some competitors. Within the $1 billion in synergies, about $900 million comes from network efficiencies resulting from the combined carriers improved schedule and connectivity. The companies expect one-time transaction costs related to the merger of approximately $1.2 billion. Antitrust regulators and a US bankruptcy court must first give their approval before the merger can go forward, as American has been under bankruptcy protection since November 2011. The idea of an American-US Airways tie-up has been floated since American went into bankruptcy protection. Under the transaction, US Airways chief executive Parker will become chief executive of the newly formed company, while American chief executive Tom Horton will serve as chairman of the board through the middle of 2014 before stepping down, sources familiar with the matter said. Horton said the deal "provides enhanced potential for full recovery for our creditors." Holders of existing shares of American parent AMR will receive an aggregate initial distribution of 3.5 percent of the common stock of combined airline, the news release said. "This looks like the end of a surprisingly successful round of US industry restructuring," said Richard Aboulafia, an analyst with the Teal Group Corp. Projections for 2013 show that the US airline industry in terms of absolute profit would be the healthiest worldwide, said John Thomas, airlines specialist at LEK Consulting. American has continued to operate under court supervision even as it sought to slash costs by renegotiating wage and benefit deals with its unions. Prospects of a merger strengthened when union leaders publicly endorsed it in April, and talks moved ahead when the two firms signed a non-disclosure agreement to exchange confidential information in August. The news release noted that the merger enjoys the support of several leading unions from the two companies, including pilots associations and representatives of flight attendants. jmb/dw
Creamfields is the world's leading dance music festival. Born in 1998, the original dance festival set out to provide the clubbing world with a bespoke large scale outdoor event and has gone on to become the most popular and renowned open air electronic music festival in the world. It's famous for many things not least its heritage but its consistent delivery of a world class line-up and unbeatable atmosphere. Building on their winning formula of genre breaking pioneers from across the DJ and live music spectrum, in 2015 Creamfields have delivered the biggest electronic line up you’ll see this year with an array of exclusive performances to boot, 4 Friday headliners, 2 colossal outdoor stages, a 14,000 capacity mega arena never before seen at Creamfields, 22 arenas across the weekend including Cream, Size, All Gone Pete Tong, Mistajam Presents Speakerbox, Pryda, Revealed, Goodgreef and Tidy as well as introducing 7 new arena hosts including Rebel Sound, Paradise, MK Area 10, Fatboy Slim Presents Smile High Club, Armada, ANTS, Nation and Pepsi Max. The 3 day event which takes place over the August Bank Holiday weekend is located in the heart of the Cheshire countryside in Daresbury and attracts visitors from around the world. Over the last 6 years Creamfields has attracted record breaking numbers with last year’s event selling out to a record breaking 70,000 people and 2015 on course for another sell out. Since its inception, Creamfields has scooped many awards along the way, including Best Dance Event several years running in the UK Festival Awards and winning the prestigious Music Week Award for ‘Festival Of The Year’ beating off festival titans Glastonbury, V and Reading. The success of Creamfields has attracted worldwide attention which has led to the festival being staged on every continent since 1999, and has gone on to become the only festival that has successfully established itself in the global market. To date Creamfields has been staged in 17 countries with new territories planned for next year.
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