Posts Tagged ‘New’
American Airlines: Files for Bankruptcy Protection
American Airlines parent AMR Corp. (AMR) filed for bankruptcy after failing to secure cost-cutting labor agreements and sitting out a round of mergers that dropped it from the world’s largest airline to No. 3 in the U.S.
With the filing, American became the final large U.S. full- fare airline to seek court protection from creditors. The Fort Worth, Texas-based company, which traces its roots to 1920s air- mail operations in the Midwest, listed $24.7 billion in assets and $29.6 billion in debt in Chapter 11 papers filed today in U.S. Bankruptcy Court in Manhattan.
“They will have to go through the whole process that their peers have gone through,” John Strickland, an aviation analyst at JLS Consulting in London, said today in a telephone interview. “It’s painful but probably necessary. They have fallen behind what others have done.”
Chairman and Chief Executive Officer Gerard Arpey, 53, will retire and be replaced by Thomas Horton, AMR said. Normal flight schedules will continue on American and its American Eagle regional unit, along with the airline’s frequent-flier program, the company said.
AMR was determined to avoid Chapter 11 in the years after the 2001 terrorist attacks, as peers used bankruptcy to shed costly pension and retiree benefit plans and restructure debt. American later watched as rival carriers combined, giving them larger route networks that were more attractive to lucrative corporate travel customers.
http://www.bloomberg.com/news/2011-11-29/amr-files-for-bankruptcy-protection-in-new-york-as-talks-with-pilots-end.html
http://blip.tv/wiv-news/american-airlines-files-for-bankruptcy-5614412
Duration : 0:1:26
Chapter 13 Bankruptcy
Ron and Zach discuss the process of a chapter 13 bankruptcy, as well as the pros and cons.
Duration : 0:10:50
Bankruptcy FAQ
News Update: Blockbuster Goes Blockbusted, Files For Chapter 11 Bankruptcy
Debt ridden video-rental chain Blockbuster (PINK:BLOKA) filed for Chapter 11 bankruptcy protection and said it plans to keep stores and kiosks open as it reorganizes. The company said it reached an agreement with its bondholders on a plan to recapitalize, according to a submission in the US Bankruptcy Court in Southern District of New York. Blockbuster said it plans on cutting debt from almost $1 billion to approximately $100 million or less by swapping debt for equity in a reorganized Blockbuster with bondholders that hold about 80.1% of the firm’s senior notes. CEO Jim Keyes said, “After a careful and thorough analysis, we determined that the process announced today provides the optimal path for recapitalizing our balance sheet and positioning Blockbuster for the future as we continue to transform our business model to meet the evolving preferences of our customers,”
Duration : 0:1:1
What Is Chapter 13 Bankruptcy?
Leading Bankruptcy Attorney Richard A Check answers this question from the perspective of Wisconsin State Law.
The Bankruptcy Law Office of Richard A Check, S.C. was started in 1998 by Richard A Check to fill the need in Wisconsin of a quality law firm working exclusively in the area of Bankruptcy Law.
Bankruptcy is all we do. Bankruptcy is not the end. It’s a new beginning. Contact us today for a Free Consultation. 414-223-0000.
Duration : 0:0:54
