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Sat, May 17, 2003

What, Again??

AAL Brings Up The "B" Word Again

It 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 Corp's CEO.

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.

The filing 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."

FMI: www.aa.com

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