American Airlines Files Chapter 11 Bankruptcy

More bad news for the economy … American Airlines files chapter 11 bankruptcy.

American Airlines’ parent company is seeking Chapter 11 bankruptcy protection as it seeks to unload massive debt built up by years of accelerating jet fuel prices and labor struggles.

The nation’s third largest airline also said its CEO Gerard Arpey will step down. He’s being replaced by Thomas Horton, currently the company’s president.

Fort Worth, Texas-based AMR Corp., along with its regional affiliate AMR Eagle Holding Corp. said Tuesday that they filed voluntary petitions to reorganize.

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Comments

One Response to “American Airlines Files Chapter 11 Bankruptcy”

Miklo on November 29th, 2011 12:20 pm

This is just paper shuffling…

AA declares bankruptcy every now and then just to reshuffle the deck.

They chose to file before the close of 2011.

Legally, they had to disclose the reorganization effort but it will make little if no difference to business as usual.

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