Meanwhile, the Bankruptcy Court judge refused to approve a planned near $20 million severance package for AMR's outgoing CEO Tom Horton. The judge was unsure as to whether a decision on the package comes within his ambit or in AMR's restructuring plan. That plan will define how creditors will get their money back and also requires their approval. Meanwhile, the merger deal has already been approved by both companies' Boards, but is still subject to approval from regulators and US Airways shareholders. The deal is expected to close in the third quarter 2013. AMR was one of the few airlines that averted bankruptcy after the 9/11 attacks and subsequent downturn. However, the company reported losses in the years after, even as peers pruned expenses and returned to profit. As part of the merger terms, US Airways shareholders will own 28 percent of the combined company, and the remaining stake will be held by stakeholders of AMR and its debtor subsidiaries, American's labor unions, and current AMR employees.