American Airlines files for bankruptcy protection

AMR Corporation, the parent company of American Airlines, has filed for Chapter 11 bankruptcy protection. The company stated that the action was necessary to achieve a cost and debt structure that is industry competitive and thereby would assure its long-term viability.

However, the cargo division of American Airlines (AA Cargo) has said it will continue to operate normally. AA Cargo is the third-largest cargo carrier among passenger airlines in the US and contributed $532m in revenue to its parent company in the first nine months of 2011.

American Airlines has made losses of $884m in the first nine months of 2011. As part of the restructuring efforts the company separately announced that Thomas W. Horton had succeeded Gerard Arpey as Chairman, CEO and President of AMR and American Airlines.

Discussing the announced bankruptcy protection petition, Horton said "This was a difficult decision, but it is the necessary and right path for us to take – and take now – to become a more efficient, financially stronger, and competitive airline."

Quelle: eyefortransport
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