- CNTV English - CCTV News

American Airlines files for bankruptcy

11-30-2011 14:42 BJT

Watch Video

Play Video

AMR Corporation, the parent company of American Airlines, has filed for bankruptcy protection, seeking relief from crushing debt caused by high fuel prices and expensive labor contracts.

In a filing with a federal bankruptcy court in New York, AMR Corporation said it had 29.6 billion US dollars in debt and only 24.7 billion US dollars in assets. The company also replaced its CEO, Gerard Arpey, with Thomas W. Horton.

The new leader said American Airlines would probably reduce its flight schedule modestly with corresponding job cuts. He promised the airlines' customers that they will not experience any change in service.

American Airlines' competitors have all restructured their labor contracts through bankruptcy over the past decade, leaving Americans with the highest labor costs in the industry.




Editor:Liu Fang |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program