American Airlines files for Ch. 11 protection
American Airlines
Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 11/29/2011
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By: Associated Press
FORT WORTH, TX - The parent companies of American Airlines and its regional affiliate American Eagle are filing for Ch. 11 bankruptcy protection.
AMR Corp. and AMR Eagle Holding Corp. said Tuesday that they filed voluntary petitions to reorganize, saying it's in the best interest of the companies and its shareholders.
American says it sought protection to reduce its costs and debt to remain competitive in the airline industry.
American was the only major U.S. airline that didn't file for bankruptcy protection after the 2001 terrorist attacks.
American says labor-contract rules force it to spend at least $600 million more than other airlines.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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