The bondholders of American Airlines Inc. have signed confidentiality agreements so they can examine nonpublic information and weigh whether the airline should merge with US Airways Group, Inc. or emerge from bankruptcy proceedings as an independent company, said people close to the talks. The bondholders hold more than $2 billion in debt issued or backed by American and AMR Corporation, making them an influential subset of creditors, who also include labor unions and suppliers. The bondholders own nearly enough of American Airlines' obligations to block any path out of bankruptcy protection that they dislike, according to the people and court documents.

The upshot is American Airlines needs the bondholders to agree on the terms of whichever path it chooses.