DALLAS—American Airlines and its
parent company filed for bankruptcy protection as they try to cut costs
and unload massive debt built up by years of high fuel prices and labor
struggles. There will be no impact on travelers for now.
The
nation's third-largest airline also said Tuesday that CEO Gerard Arpey
stepped down and was replaced by company president Thomas W. Horton.
AMR Corp. has continued to lose money while other U.S. airlines returned to profitability in the last two years.
Horton
said the board of directors unanimously decided to file for bankruptcy
after meeting Monday in New York and again by conference call on Monday
night. Read Here
Post a Comment