moose135
2011-11-29, 08:56 AM
From: http://www.bloomberg.com/news/2011-11-29/amr-files-for-bankruptcy-protection-in-new-york-as-talks-with-pilots-end.html
American Airlines parent AMR Corp. (AMR) filed for bankruptcy after failing to secure cost-cutting labor agreements and sitting out a round of mergers that dropped it from the world’s largest airline to No. 3 in the U.S.
With the filing, American became the final large U.S. full- fare airline to seek court protection from creditors. The Fort Worth, Texas-based company, which traces its roots to 1920s air- mail operations in the Midwest, listed $24.7 billion in assets and $29.6 billion in debt in Chapter 11 papers filed today in U.S. Bankruptcy Court in Manhattan
Also announced today, AMR Chairman and CEO Gerald Arpey will retire and be replaced by AA President Thomas Horton. From reports, the company has $4.1 billion on hand to continue day-to-day operations, and all operations will continue as scheduled.
AA official press release:
http://aa.mediaroom.com/index.php?s=43&item=3397
American Airlines parent AMR Corp. (AMR) filed for bankruptcy after failing to secure cost-cutting labor agreements and sitting out a round of mergers that dropped it from the world’s largest airline to No. 3 in the U.S.
With the filing, American became the final large U.S. full- fare airline to seek court protection from creditors. The Fort Worth, Texas-based company, which traces its roots to 1920s air- mail operations in the Midwest, listed $24.7 billion in assets and $29.6 billion in debt in Chapter 11 papers filed today in U.S. Bankruptcy Court in Manhattan
Also announced today, AMR Chairman and CEO Gerald Arpey will retire and be replaced by AA President Thomas Horton. From reports, the company has $4.1 billion on hand to continue day-to-day operations, and all operations will continue as scheduled.
AA official press release:
http://aa.mediaroom.com/index.php?s=43&item=3397