American Airlines, US Airways Agree to Merger

Worth $11 billion

American Airlines parent AMR and U.S. Airways revealed plans to merge Thursday in a deal that would create the world's biggest carrier with a value of roughly $11 billion.

AMR has been in Chapter 11 bankruptcy since November 2011, and the tie-up has been in the works since last year. The board of directors of both companies unanimously approved the deal. However, it will still be subject to regulatory, bankruptcy court and creditor approval.