It's official:

The boards of American Airlines parent AMR Corp. and US Airways Group late Wednesday separately voted to approve a merger that would create the world's largest airline, The Wall Street Journal reports.

"The merger will be formally announced early Thursday morning. Under the all-stock deal's terms, American's creditors would own 72% of the combined airline, and US Airways shareholders the balance," the Journal writes.

"Under the all-stock deal's terms, American's creditors would own 72% of the combined airline, and US Airways shareholders the balance. US Airways Chief Executive Doug Parker will run the combined company as chief executive. AMR CEO Tom Horton will serve as nonexecutive board chairman, likely until the spring or summer of 2014, the time of the new company's first annual meeting after American emerges from bankruptcy protection . . . The airline will likely have a market capitalization exceeding $10 billion, and the value could approach $11 billion."

Yay! My frequent flier miles are saved! Oh, and so are jobs, and revenue in Chicago.