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Members of the unsecured creditors committee -- which includes banks representing bondholders, labour, vendors and the US pension protection agency -- are concerned about the third-largest US carrier's prospect of staying competitive as a stand-alone airline after sitting out the latest round of mergers. They want AMR management to explore other options that may lead to a better recovery of their claims, including a potential combination with another carrier, according to people who requested anonymity because they were not authorised to speak publicly on the matter. US Airways has said it is considering an eventual bid for its larger rival.

While different creditors have different economic interests at stake, the sources said consensus is growing at the committee on the need to look at other alternatives. Even unions, which traditionally do not like mergers because they come with job cuts, want to explore how a deal with a rival carrier would affect their members even though they may not necessarily favour it, the sources said. AMR's three largest unions -- pilots, flight attendants and ground workers -- all have seats on the creditors committee.

For now, AMR management has the exclusive right to submit its own plan to reorganise under bankruptcy court protection, and the airline has said it wants to emerge as a stand-alone company. But creditors could petition the bankruptcy judge to terminate that right to make way for competing plans, and the committee would ultimately also need to sign off on any reorganisation plan.

There is no offer on the table currently, and it remains to be seen if any merger proposal by US Airways or anyone else will require concessions less painful to creditors than what is sought by AMR management. But creditors' frustration in the ongoing restructuring talks and their interest in exploring alternatives could provide the opening for a potential suitor to step in. AMR, however, has shown no interest in a merger with US Airways or anyone else. "AMR will continue to pursue the objectives of Chapter 11 to restructure and build a new, better, more efficient and profitable airline in the best interests of all of its economic stakeholders, passengers and the public," the company told reporters.

Industry insiders say high anti-trust hurdles make Delta an unlikely buyer for AMR. They also question how US Airways would benefit American outside of the East Coast, where US Airways has a particularly strong route network. American already has plenty of cash, a strong domestic route network and service to Europe and Asia as well as related oneworld alliance partners in London and Tokyo. Labour troubles at US Airways dating to its 2005 merger with America West are also a red flag for heavily unionised American. (Airwise)