Last week, American Airlines parent company AMR Corp. sought bankruptcy protecting by filing for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of New York.
American Airlines officials contemplated filing for bankruptcy for ten years as the airline became unable to make a profit. Over the past decade, the company is estimated to have lost around $11 billion. Now, American Airlines holds about $4.1 billion in cash and investments.
With rising fuel prices, executives decided to finally file for bankruptcy and reorganize. The airline was the last major U.S. airline to have never entered Chapter 11 bankruptcy.
To speak with an experienced bankruptcy attorney about the benefits of filing for bankruptcy, contact the Florida bankruptcy lawyers of the offices of Ryan J. Really, Attorney at Law, PLLC by calling (239) 237-0675 today.