Ordinance 69373

Summary

BOARD BILL # 257 INTRODUCED BY ALDERMAN TERRY KENNEDY An ordinance recommended and approved by the Airport Commission, the Board of Public Service, and the Board of Estimate and Apportionment authorizing and directing the Comptroller, the City Counselor and the Director of Airports of The City of St. Louis, Missouri (the "City") to enter into, execute, and deliver on behalf of the City a Settlement Agreement substantially in the form as set out in ATTACHMENT 1 to this Ordinance (the “Settlement Agreement”), which is attached hereto and incorporated herein, between the City, the owner and operator of Lambert-St. Louis International Airport® (the “Airport”) and American Airlines, Inc., a Delaware corporation (“American”), providing for a comprehensive resolution of all matters and controversies, including all lease, debt, and any and all other claims and issues arising under and related to certain agreements between the City and American which are part of American’s Chapter 11 reorganization case and proceedings commenced under Title 11 of the United States Code on November 29, 2011, which case is pending in the United States Bankruptcy Court for the Southern District of New York in an administratively consolidated case entitled In re AMR Corporation, et al., Chapter 11 Case No. 11-15463 (SHL) (the “Bankruptcy Case”), including, without limitation, certain acknowledgements by the City and American, administrative modifications, amendments, and/or the assumption of certain agreements between the City and American, the waiver and/or release of certain rights and claims, and the allowance and payment of certain claims, all subject to and in accordance with the provisions of the Settlement Agreement; authorizing and directing the Director of Airports, the President of the Board of Public Service, and the Comptroller of the City, as the case may be, to enter into, execute and deliver on behalf of the City certain amendments to agreements with American as more fully described in Section Three of this Ordinance; authorizing the Director of Airports and the Comptroller, on behalf of the City, with the advice and concurrence of the City Counselor, to make such changes, modifications, or amendments to the terms of the Settlement Agreement and/or enter into, execute and deliver such amendments to the Settlement Agreement that may be deemed necessary or desirable to preserve and protect the City’s interest, and deemed necessary or appropriate in connection with the Bankruptcy Case, and/or the consummation of the transactions contemplated herein; authorizing the Director of Airports and the Comptroller of the City to negotiate, enter into, execute, and deliver on behalf of the City such agreements or instruments that may be deemed necessary or desirable in order to alienate or otherwise sell the City’s “MOA Unsecured Claim”, as provided for in Section Five of this Ordinance; authorizing the Mayor, the Comptroller, the Treasurer, the City Counselor, the Register, the President of the Board of Public Service, the Director of Airports, and other appropriate officers, agents, and employees of the City, as the case may be, with the advice and concurrence of the Director of Airports and the City Counselor to execute such documents and take such action as are necessary or desirable in connection with the Settlement Agreement, the Bankruptcy Case, or deemed necessary to preserve or protect the City’s interest; providing that the provisions set forth in this Ordinance shall be applicable exclusively to this Ordinance and the Settlement Agreement and amendments attached thereto and the other agreements, documents, and instruments referenced herein, related thereto, and contemplated therein and/or approved and/or authorized by this Ordinance; and containing a severability clause.

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