This column is designed to provide New York legal practitioners with a glimpse into some ongoing seminal bankruptcy cases. The column contains a brief overview of what caused these companies to file for bankruptcy and what they seek to accomplish through the bankruptcy process. In addition, the column describes major recent events and interesting developments in each case, and their impact on the debtors and other significant constituencies.
American Airlines
American Airlines, together with parent company AMR Corporation, sought bankruptcy protection on Nov. 29, 2011, under Chapter 11 of the Bankruptcy Code. The bankruptcy was precipitated by American Airlines’ ballooning organized labor costs and an imbalanced competitive field. Many of American Airlines’ competitors, including US Airways, United Airlines, and Delta Air Lines Inc., recently emerged from bankruptcy with more manageable labor agreements and lower fixed overhead.
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