Uploaded by ERAUPRCWA on Nov 29, 2011
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.
"They will have to go through the whole process that their peers have gone through," John Strickland, an aviation analyst at JLS Consulting in London, said today in a telephone interview. "It's painful but probably necessary. They have fallen behind what others have done."
Chairman and Chief Executive Officer Gerard Arpey, 53, will retire and be replaced by Thomas Horton, AMR said. Normal flight schedules will continue on American and its American Eagle regional unit, along with the airline's frequent-flier program, the company said.
AMR was determined to avoid Chapter 11 in the years after the 2001 terrorist attacks, as peers used bankruptcy to shed costly pension and retiree benefit plans and restructure debt. American later watched as rival carriers combined, giving them larger route networks that were more attractive to lucrative corporate travel customers.
http://www.bloomberg.com/news/2011-11-29/amr-files-for-bankruptcy-protection-...
http://blip.tv/wiv-news/american-airlines-files-for-bankruptcy-5614412
Category:
Tags:
- American
- Airlines
- One
- World
- Alliance
- Dallas
- Fort
- Worth
- DFW
- Miami
- MIA
- New
- York
- JFK
- LGA
- EWR
- Boston-Logan
- BOS
- Chicago
- Hare
- ORD
- Los
- Angeles
- LAX
- San
- Juan
- TJSJ
- St.
- Louis
- STL
- aviation
- flight
- aeronautics
- 9/11
- Bankruptcy
- Gerard
- Arpey
- AMR
- Protection
- United
- States
- Charles
- Lindberg
- Air
- Main
- Service
- 2001
- Boeing
- 757
- 767
- 777
- 737
- McDonnell
- Douglas
- MD-80
- Airbus
- A320
- fuel
- cost
- Bloomberg
License:
Standard YouTube License
-
1 likes, 0 dislikes
1:57
ERAUPRCWA... say what?by ERAUPRCWA115 views
1:56
"It's time" Marriage Equalityby ERAUPRCWA978 views
1:02
American Airlines "Doing What We Do Best!" 1970sby ERAUPRCWA478 views
9:12
Ignorant People... Screw 'em!by ERAUPRCWA173 views
3:33
NBC NY Clip: American Airlines Bankruptcyby ThePointsGuy778 views
1:42
Bankrupt! American Airlines files for Ch.11 protectionby JamesNYFP1,424 views
2:03
American Airlines Flight Attendants Hold Protest At PBIAby WPBF1,270 views
1:43
American Airlines bankruptcy filingby kxan1,923 views
1:16
A first look at the head the US' biggest airline...by CNBCtv24,296 views
1:13
American Airlines Files For Bankruptcyby MOXNEWSd0tC0M1,406 views
3:11
American Eagleby CareerDashTV1,073 views
0:54
American Airlines files for bankruptcyby BartlesvilleLIVE105 views
7:35
American Airlines Rant, Listen up Gerardby ShoupConsulting104 views
8:02
American Airlines Announces New Fleet Order with Boeing, Airbusby americanairlines7,518 views
2:23
Call 12: American Airlines files for bankruptcyby WPRI323 views
1:21
American Airlines bankruptcy not expected to affect Loganby thebostonglobe113 views
1:01
American Airlines files for bankruptcyby NMATV11,294 views
1:48
American Airlines files for bankruptcy - CCTV 111130by newsupload201060 views
0:14
American Airlines Plunges Into Bankruptcyby JokerKnightrises153 views
- Loading more suggestions...
Link to this comment:
Video Responses
All Comments (0)