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AMR finally files for bankruptcy protection

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AMR finally files for bankruptcy protection PDF Print E-mail
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Written by Hugh McManus   

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Wednesday, 30 November 2011 13:22
November 29, 2011: AMR [NYSE:AMR] filed for chapter 11 bankruptcy protection on November 29.  AMR is the parent company for American Airlines, once the largest carrier on the planet, now the third largest in the US after United-Continental and Delta.  The big question is what took them so long?  AMR has been in death-watch mode for many quarters; why didn't they file eighteen months ago?  The good news is that the company has sufficient cash to see it through reorganization; the bad news is that employees--and likely retirees--will take a hit in terms of salary and benefits.  The company has among the highest costs in the industry; unlike all its legacy competitors (Southwest isn't included in this group, as it started life as a low-cost carrier), AMR has never filed for bankruptcy protection.  United, Continental, Delta and US Airways have all shed costs, dumped pension plans etc. putting them in a much more competitive position.  AMR must now trudge through the same process.  I'd expect AMR to emerge pretty quickly; it doesn't appear to be a "pre-packaged" bankruptcy, but I hope that the company has planned in advance for this eventuality.
 

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