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Friday, December 06, 2013 12:59:44 PM
OPTION SYMBOL: AAMRQ
http://www.theocc.com/webapps/infomemos?number=33674&date=201312&lastModifiedDate=12%2f05%2f2013+15%3a46%3a46
NEW SYMBOL: AAL1
DATE: 12/9/13???
On November 27, 2013, the United States Bankruptcy Court for the Southern District of New York approved the settlement related to the AMR Corporation Plan of Reorganization under Chapter 11 of the Bankruptcy Code. The Plan and corresponding merger between AMR Corporation and U.S. Airways Group, Inc. is anticipated to become effective prior to the opening of business on December 9, 2013. The resulting merged company will be called American Airlines Group Inc. (AAL) and new AAL Common Shares are anticipated to begin trading on the Nasdaq Global Market) under the symbol AAL on December 9, 2013.
Pursuant to the Plan, existing AMR Corporation (AAMRQ) common shares will be canceled at the effective time of the Plan. AAMRQ shareholders are expected to receive AAL shares at a distribution ratio to be determined at the effective time of the Plan and may potentially receive additional AAL shares on subsequent dates. Any additional distributions of AAL shares made to existing AAMRQ shareholders would occur on, or as soon as reasonably practicable after, each of the 30th, 60th, 90th, and 120th days following the effective date of the Plan. As stated in the Plan, fractional entitlements of AAL common stock shall be rounded up or down to the next whole number or zero, as applicable. Fractional shares of one-half or lower will round to the next lower whole number for this purpose. No consideration shall be provided in lieu of fractional shares that are rounded down.
Contract Adjustment
DATE: Effective the opening of the business day after the merger is consummated.
Contract adjustment is anticipated to occur before the open on December 9, 2013.
OPTION SYMBOL: AAMRQ changes to AAL1
STRIKE DIVISOR: 1
CONTRACTS MULTIPLIER: 1
NEW MULTIPLIER: 100 (e.g., a premium of 1.50 yields $150; a strike of 5 yields $500.00)
NEW DELIVERABLE PER CONTRACT: Total distribution received per AAMRQ share (x 100). The total distribution per share will include the initial AAL distribution received at the effective time of the merger plus any subsequent distributions, if any, made to AAMRQ shareholders.
Note: AAL1 option exercise/assignment activity will be subject to delayed settlement until such time as the cumulative distribution received per AAMRQ share is confirmed. Consequently, AAL1 exercises/assignments may be delayed for potentially 120 days or longer depending on when confirmation of the total distribution is available.
CUSIP: AAL (New): 02376R102
DELAYED SETTLEMENT
OCC will delay settlement of the AAL1 deliverable until the total distribution to AAMRQ shareholders is determined. Upon determination of the total distribution, OCC will require Put exercisers and Call assignees to deliver the appropriate number of shares.
DISCLAIMER
This Information Memo provides an unofficial summary of the terms of corporate events affecting listed options or futures prepared for the convenience of market participants. OCC accepts no responsibility for the accuracy or completeness of the summary, particularly for information which may be relevant to investment decisions. Option or futures investors should independently ascertain and evaluate all information concerning this corporate event(s).
The determination to adjust options and the nature of any adjustment is made by a panel of The OCC Securities Committee pursuant to OCC By-Laws, Article VI, Sections 11 and 11A. The adjustment panel is comprised of representatives from OCC and each exchange which trades the affected option. The determination to adjust futures and the nature of any adjustment is made by OCC pursuant to OCC By-Laws, Article XII, Sections 3, 4, or 4A, as applicable. For both options and futures, each adjustment decision is made on a case by case basis. Adjustment decisions are based on information available at the time and are subject to change as additional information becomes available or if there are material changes to the terms of the corporate event(s) occasioning the adjustment.
ALL CLEARING MEMBERS ARE REQUESTED TO IMMEDIATELY ADVISE ALL BRANCH OFFIC
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