Sat, May 17, 2003
AAL Brings Up The "B" Word Again
could still happen. That's the word from Fort Worth (TX) and the
headquarters of the world's biggest airline - American.
That word came Thursday, even after the airline's three major
unions backed a company plan calling for billions in savings
through layoffs and cuts in compensation.
It also came on the heels of Don Carty's resignation as AMR
Cuts May Not Be Enough
In a filing to the Securities and Exchange Commission, AMR said
"because its financial condition will remain weak and its prospects
uncertain," the company may yet file for bankruptcy protection.
blamed continuing weakness in the US economy, as well as the
ongoing effects of the war on terror and the war to oust Iraqi
dictator Saddam Hussein. The airline also blamed fear over SARS and
(last, but not least) its own "inability ... to satisfy the
liquidity requirements or other covenants in certain of its credit
arrangements" as well as its "inability ... to access the capital
markets for additional financing."
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