American Airlines Files for Bankruptcy Protection

Ad Feedback

The parent company of American Airlines filed for chapter 11 bankruptcy protection Tuesday, citing overwhelming debt due expensive labor contracts and rising fuel costs.

AMR Corp, the owner of American, continues to lose money.

The company was the only airline not to file bankruptcy protection after 9/11 served a major blow to the airline industry.

Those bankruptcy filings allowed competitors to relieve some of their debt by shedding costly labor contracts. Now, American is falling behind.

In 2008, American was the largest airline in the world. Now, the airline has been surpassed by the United-Continental and Delta-Northwest mergers.

American will operate normally while AMR reorganizes during the bankruptcy process.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.