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American Airlines owner files for bankruptcy

Posted on Wednesday, November 30th, 2011 at 7:10 pm    

On Tuesday, American Airlines owner AMR Corp. filed for bankruptcy.  The airline also owns and operates airline American Eagle.

AMR filed for Chapter 11 bankruptcy after around a decade of considering filing for bankruptcy.  Over the past 10 years, several of American Airlines’s competitors, including Delta Air Lines and United Airline, have sought bankruptcy protection.

Flights with American Airlines and American Eagle will continue as scheduled.  Currently, officials with the airline say that ticket fares, frequent flier programs, and alliances will not be affected by the bankruptcy filing.

American Airlines has lost more than $11 billion since 2001 and currently has approximately $4.1 billion in cash and investments.

Contact the Joliet bankruptcy lawyers of The Law Offices of Stuart B. Handelman at 815-722-2201, if you or someone you know is considering filing for bankruptcy.