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American Airlines Asks Bankruptcy Protection
Posted On 29 Nov 2011
American Airlines and its parent AMR sought bankruptcy protection this morning in court and pledged to emerge as a stronger carrier in a move that could prompt another bout of industry consolidation and present a stern test for regulators.
These changes are due to the low shares of AMR (down 59% in negotiations prior to market opening), and appointed Thomas Horton as chairman and chief executive after Gerard Arpey opted to retire and join an investment group.
(BG)