(Image Source:  Wikimedia Commons ) BY JOHN O’CONNOR American Airlines is one step closer to exiting from bankruptcy after the company’s pilots approved a new labor contract deal on Friday. CNN has more . “… by a vote of nearly 73 percent, pilots overwhelmingly approved a new labor deal with the bankrupt carrier. The move could help move American Airlines out of bankruptcy and towards a possible merger with U.S. Airways.”  According to the Associated Press, more than 7,000 pilots voted to accept their first new contract since 2003 — ending American Airlines last major hurdle to moving on from its current bankruptcy protection plan.  USA Today notes … “The new deal gives pilots pay raises and ownership of 13.5% of American Airlines' parent company AMR Corp. once it emerges from bankruptcy protection…”  American Airlines’ chief executive Thomas Horton believes the move will help the company emerge from the situation stronger and more independent. But according to the New York Times , AMR has been under pressure from counterpart U.S. Airways to agree to a merger deal since filing for bankruptcy protection in 2011. U.S. Airways executive Doug Parker says the merger would give the two airlines the resources to compete against current giants Delta and United.  The Wall Street Journal notes if the two companies merge, their new net value would be worth well over 8 billion dollars. “The merger proposal, sent in mid-November to [American Airlines] and its creditors, suggested an all-stock deal that would give American's creditors 70% of the new airline and US Airways shareholders 30% … The proposal suggested that US Airways Chief Executive Doug Parker run the combined company.”  The journal goes on to say U.S. Airways has been publicly promoting the benefits of the merger, including an estimated 1.2 billion dollars in additional revenue and costs savings. But airline officials have expressed doubts of the financial gain actually happening.