AMR Corporation (AAMRQ) has announced that the U.S. Bankruptcy Court for the Southern District of New York has approved the disclosure statement for the company’s reorganization plan. AMR also confirmed that American is now authorized to start soliciting votes on its reorganization plan from creditors and stockholders. AMR will likely exit bankruptcy, without shareholders getting wiped out, in the third quarter of 2013. The proposed plan is to become effective concurrently with the consummation of a merger with US Airways Group Inc. (NYSE: LCC).

The company said Solicitation packages will be distributed by June 20 and the voting deadline is July 29. Its court hearing is scheduled for Aug. 15, 2013. AMR signaled that the reorganization plan is supported by the official committee of unsecured creditors, and holders of about $1.6 billion of prepetition unsecured claims also have committed to vote to accept the Plan.

AMR’s merger with US Air is expected to provide a recovery of 3.5% of the common stock  of the combined company for holders of existing AMR equity securities, with the potential for such holders to receive additional shares. US Airways holders are set to receive one share of common stock of the combined company for each share of US Airways common stock then held and will represent 28% of the diluted equity ownership of the combined company. AMR’s stakeholders, unions, and employees will hold the remaining 72% of the diluted equity ownership of the combined company.

With les than a month left in the second quarter, the third quarter is much closer than it sounds.

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