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American Airlines files for bankruptcy

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by lukindo, Nov 29, 2011.

  1. lukindo

    lukindo JF-Expert Member

    Nov 29, 2011
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    wana jf, naona kama ni kujipanga inabidi tufanye hivyo mapema kadri iwezekanavyo maana naona 'wajomba' mambo yanawaendea isivyo!

    American Airlines' parent company, AMR Corp., announced Tuesday that it has filed for chapter 11 bankruptcy.

    AMR said American Airlines, American Eagle and all other subsidiaries will honor all tickets and reservations and operate normal flight schedules during the bankruptcy filing process, using its $4.1 billion in cash.

    The airline also announced that Gerard Arpey, its chairman and CEO, is retiring. He is being succeeded by Thomas Horton, who was named president of the company in July 2010.

    American has been widely seen as the weakest of the major airlines for some time now. It has reported a profit in only one quarter since 2007, and it lost $4.8 billion over those 3-1/2 years. Analysts surveyed by Thomson Reuters expect its losses to continue through at least 2012.

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