AMR Corp files for Ch 11

AMR also named Thomas Horton as Chairman & Chief Executive, replacing Gerard Arpey, who retired, the company said.

The company listed assets of about $24.72 billion, while it has liabilities of $29.55 billion. The company said it has $4.1 billion in cash.

AMR said both American Airlines and American Eagle are expected to fly normal schedules throughout the Chapter 11 process. “We plan to initiate further negotiations with all of our unions to reduce our labour costs to competitive levels,” CEO Horton said.

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