AMR: A Moral Man Loses a Battle
DALLAS TheStreet) -- Eight and a half years after it narrowly averted a bankruptcy filing, choosing instead to honor commitments and maintain defined benefit pensions, American Airlines and parent AMR (AMR) have changed course and filed for Chapter 11 protection Tuesday.
Additionally, CEO Gerard Arpey, a career AMR employee with
American came close to bankruptcy in the spring of 2003, but turned aside at the last minute due to deals with unions and Arpey's aversion.
Since then, the carrier has struggled, losing more than $8 billion. In the third quarter, it was the only major carrier
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