Tuesday, November 29, 2011

AMR Bankrupt

American Airlines parent AMR, the only major US airline operator to not file for bankruptcy during the last decade, surrendered to the stark realities of a souring global economy on Tuesday and sought Chapter 11 protection from creditors today.  The filing came as AMR gave in to the burden of the industry's highest labor and operating costs. The company’s shares plunged to 26 cents, down 84%. (MW)