American Airlines Files for Bankruptcy Protection
时间：2011-11-30 06:58:27
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American Airlines' parent company, AMR Corporation, has filed for bankruptcy1 after failing to secure a deal with pilots to cut labor2 costs.
The nation's third largest airline said Tuesday it sought bankruptcy court protection to reduce its costs and debt to competitive levels. The airline said normal flight operations will continue during a reorganization.
American had been the only major U.S. airline that had not filed for bankruptcy protection. Its main competitors,
Delta3 and United, used bankruptcy to
scrap4 costly5 labor contracts and reduce debts. And both have also
merged6 with other companies - Delta buying Northwest and United buying
Continental7.
In addition to higher labor costs than its rivals, American Airlines has also struggled with soaring jet fuel prices.
In its Chapter 11 bankruptcy filing in a New York court, the company listed $24.7 billion in assets and $29.6 billion in debt.
The Texas-based AMR Corporation also announced the
retirement8 of its chairman and CEO Gerard Arpey and named company president Thomas Horton as his
replacement9.
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