Bruce Hicks News
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AMR Corp., the bankrupt parent of American Airlines, says its value has “significantly appreciated” and there may be a recovery for shareholders, who generally receive nothing in bankruptcy cases.
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The lawyer for AMR Corp.’s unsecured creditors committee warned American Airlines pilots of the risks of rejecting a tentative contract that would allow the carrier’s post-bankruptcy plan to be weighed against a US Airways Group Inc. merger, three people familiar with the matter said.
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AMR Corp.’s American Airlines won court approval to throw out its labor agreement with pilots, capping the airline’s campaign to force cost cuts on the lone union it couldn’t reach a deal with on concessions.
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On the evening of Dec. 10, 2007, pilot Kenny Edwards got the order to fly a Continental Airlines Inc. commuter flight from Tampa, Florida, to West Palm Beach. He told his dispatch supervisor he wouldn’t do it.
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American Airlines’ on-time performance tumbled to 54 percent amid flight cancellations and delays that the carrier blames on a pilot shortage and increased maintenance issues.
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American Airlines pilot union leaders decided to let its 8,000 members vote on a tentative contract that may help the carrier exit bankruptcy.
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American Airlines cut U.S. capacity by as much as 2 percent for the rest of this month and October as pilot retirements, sick calls and mechanical issues left the carrier with more cancellations than any of its U.S. competitors.
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AMR Corp.’s American Airlines will cut its July flight schedule by about 1 percent as pilots at the bankrupt carrier take sick days at a “higher-than-normal” rate.
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American Airlines and the union for its 16,000 flight attendants have suspended negotiations over $230 million in cost reductions the carrier said it needs to successfully reorganize in bankruptcy.
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AMR Corp.’s American Airlines pursued a “limp-along” strategy before filing for bankruptcy as it sought to cut costs and turn around the carrier, an executive for the company said in court.
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