Breaking News Alert
The New York Times
Tuesday, November 29, 2011 -- 7:33 AM EST
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AMR, Parent Company of American Airlines, Files for Chapter 11 Reorganization
The parent company of American Airlines said on Tuesday that it has filed for bankruptcy protection, in an effort to reduce labor costs and shed its heavy debt load.
American's parent, the AMR Corporation, was the last major airline in the United States to resist filing for Chapter 11 in an effort to shed contracts, a move that analysts said left it less nimble than many of its competitors.
AMR intends to operate normally throughout the bankruptcy process, as previous airlines have done.
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http://dealbook.nytimes.com/2011/11/29/american-airlines-parent-files-for-bankruptcy/?emc=na
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