AMR (NYSE: AMR), the parent of American Airlines, has filed Chapter 11. The move has been expected for some time, as the company has struggled with labor costs, jet fuel, and a large debt load. The stock is down over 80% in the last year.
AMR wrote:
AMR Corporation, the parent company of American Airlines and American Eagle, and certain of our U.S.-based subsidiaries (including American and American Eagle) filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of New York. We took this action in order to achieve a cost and debt structure that is industry competitive and thereby assure our long-term viability and ability to continue delivering a world-class travel experience for customers.
The company said it plans to keep its regular schedule for flights.
Douglas A. McIntyre
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