Fort Worth (Texas), Nov 30(ANI): American Airlines’ parent company AMR Corporation has filed for Chapter 11 bankruptcy protection.
AMR Corporation has lost 162 million dollars in the third quarter of 2011 and has reported losses in 14 of the last 16 quarters.
According to the BBC, the company expects the airline, the world’s fourth-largest airline in passenger miles transported, to continue to operate as normal throughout the bankruptcy process.
The airline employs 78,000 staff worldwide and operates out of five major US hubs.
Chapter 11 refers to a section of the US Bankruptcy Code and protects a company from its creditors, giving it time to reorganise its debts or sell parts of the business.
American Airlines operates an extensive international and domestic network, with scheduled flights throughout North America, Latin and South America, Europe, Asia/Pacific and the Caribbean. (ANI)