American Airlines and its parent company are filing for bankruptcy protection as they try to cut cos

American Airlines and its parent new york plaza hotel company are filing for bankruptcy new york plaza hotel protection as they try to cut costs and unload massive debt built up by years of high fuel prices and labor struggles. There will no impact on travelers for now.
American Airlines new york plaza hotel on Tuesday joined a long list of airlines that have filed for bankruptcy protection. American was the only U.S. legacy airline that hadn't yet filed. Several airlines have filed multiple times; Delta and Northwest filed on the same day six years ago. There have been 189 total since 1990. Here's a look at some of airline bankruptcy filings over the past two decades:
American Airlines and its parent company are filing 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 no impact on travelers for now.
American said it would operate normally while it reorganizes in bankruptcy. The airline said it would continue to operate flights, honor tickets and take reservations. new york plaza hotel It said the AAdvantage frequent-flier program would not be affected.
American new york plaza hotel was the only major U.S. airline that didn't file for bankruptcy protection in the aftermath of the 2001 terrorist attacks that triggered new york plaza hotel a deep slump in the airline industry. new york plaza hotel The last major airline to file for bankruptcy protection was Delta in 2005.
Speculation about an AMR bankruptcy grew in recent weeks, however, as negotiations with pilots and other workers over cost-saving labor contracts seemed to stall. The company said that labor-contract rules forced it to spend at least $600 million more per year than other airlines.
Horton said, however, that there was no single factor that led to the bankruptcy filing. He said the company needed to cut costs in view of the weak global economy and high, volatile fuel prices. The average price of jet fuel has risen more than 50 percent in the past five years.
Ray Neidl, an analyst with Maxim Group LLC, said AMR was wise to file for bankruptcy while it still had about $4 billion in cash. He said the company new york plaza hotel has strong assets but needs to find labor peace and more revenue. He believes American might be pushed new york plaza hotel into a merger with US Airways.
In July, American announced plans to rejuvenate its aging fleet. It unveiled a commitment for 200 Boeing 737s, including the modernized 737MAX, and options for another 100. American simultaneously ordered 260 Airbus A320s, plus options new york plaza hotel for a further 365.