Fort Worth, Texas-based AMR, which filed for Chapter 11 protection in November, has been the subject of considerable takeover speculation with both US Air and Delta Air Lines Inc. hiring advisers to monitor the reorganization. AMR late last month announced plans to eliminate 13,000 jobs and terminate its pension plans in an effort to reduce annual costs by about $2 billion and emerge as an independent.

But those cuts might not be enough to appease some creditors. Reuters reported late Wednesday, Feb. 8, that unnamed members of the airline's unsecured creditors' committee are concerned about AMR's prospects as an independent and would rather the company explore other options that might lead to a better recovery of claims, including a potential combination.

Representatives of the unsecured creditors' committee, which includes the Pension Benefit Guaranty Corp., Boeing Co., Wilmington Trust Co. and Bank of New York Mellon Corp., did not return calls seeking comment. A source familiar with the AMR bankruptcy stressed that the committee has held no talks with potential suitors and has not formed a formal opinion on the deal speculation.

An aviation source said Thursday that the reports are not surprising, noting that many creditors in the mid-2000s Delta bankruptcy favored an ultimately unsuccessful hostile offer from US Airways over Delta's standalone plan. While a merger inside bankruptcy would be cumbersome and could delay American's emergence as antitrust regulators weigh in on the combination, if nothing else the report puts pressure on AMR management to offer the best possible deal to lenders and other creditors as it plots its reorganization.

"The creditors obviously want the best return possible," the source said. "They also don't want to hold stock in a reorganized company that is still at a cost disadvantage."

The report said that even labor groups, which typically oppose consolidation, would be open to a merger that would preserve jobs or boost pay scales.

But the source said that any consolidation would likely lead to network rationalization, predicting that unions were unlikely to support a merger unless talks with management deteriorate. AMR is seeking to significantly alter work rules to allow it to farm out small-jet flying and form more comprehensive alliances with domestic and international partners, steps that workers worry will limit job growth and force remaining employees to work longer hours.

Among labor groups the Transport Workers Union of America, which represents mechanics, could be the most likely to endorse a merger because American has indicated it would close a major maintenance base in Fort Worth and farm that work to outside parties.