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AA files for Chapter 11 bankruptcy protection

29 Nov 2011 by BusinessTraveller
American Airlines has become the last of the major international US carriers to file for Chapter 11 bankruptcy protection, assuring customers that normal flight schedules will be maintained and all tickets honoured. In a statement released today holding company AMR Corporation said that “in order to achieve a cost and debt structure that is industry competitive and thereby assure its long-term viability and ability to continue delivering a world-class travel experience for its customers, the Company and certain of its U.S.-based subsidiaries (including American and American Eagle), today filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of New York”. AMR said that “American Airlines and American Eagle are operating normal flight schedules today, and their reservations, customer service, AAdvantage program, Admirals Clubs and all other operations are conducting business as usual”. Thomas W. Horton, Chairman, CEO and President of AMR and American Airlines, said that the airline was “committed to working as quickly and efficiently as possible to appropriately restructure American so that it can emerge from Chapter 11 well-positioned to assure the Company’s long term viability and its ability to compete effectively in the marketplace”. Horton said that AA intends “to maintain a strong presence in domestic and international markets, including our cornerstones in Dallas/Fort Worth, Chicago, New York, Miami and Los Angeles. As we and all airlines routinely do, we will continue to evaluate our operations and service, assuring that our network is as efficient and productive as possible.” In recent years AA’s rival carriers including United, Delta and US Airways have all filed for Chapter 11 protection. For more information visit aa.com. Report by Mark Caswell
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