AMR Files For Bankruptcy
11-29-2011 | 05:52 AM
#71
Line Holder
Joined: Jun 2008
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From: 737 CAPT
The court motions are not on line yet on the Southern District website.
Did AMR's filing include a motion to stop lump sum pension pay outs?
They can do that if the fund threatens to fall below a certain liquidity level. That's what Delta did except there was a delay after the bankruptcy filing.
I expect a lot of pilots will put in their notice to retire effective Dec 1st.
This may be the last chance to get at those lump sums.
A lot of guys now have only 2 days to make a huge life decision.
Did AMR's filing include a motion to stop lump sum pension pay outs?
They can do that if the fund threatens to fall below a certain liquidity level. That's what Delta did except there was a delay after the bankruptcy filing.
I expect a lot of pilots will put in their notice to retire effective Dec 1st.
This may be the last chance to get at those lump sums.
A lot of guys now have only 2 days to make a huge life decision.
Just curious about the timing of this filing.
11-29-2011 | 06:02 AM
#74
On Reserve
Joined: Jul 2008
Posts: 1,886
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From: MSP7ERB
Schedule Reductions & some job cuts
American Airlines May Trim Flight Schedule Amid AMR?s Bankruptcy Cost Cuts - Bloomberg
American Airlines, planning to continue normal operations during parent AMR Corp. (AMR)’s bankruptcy, will probably cut some flights in the future, the chief executive officer said.
The reductions, along with job cuts, are likely as the airline seeks to reduce expenses, Chief Executive Officer Thomas Horton said on a conference call.
American Airlines, planning to continue normal operations during parent AMR Corp. (AMR)’s bankruptcy, will probably cut some flights in the future, the chief executive officer said.
The reductions, along with job cuts, are likely as the airline seeks to reduce expenses, Chief Executive Officer Thomas Horton said on a conference call.
11-29-2011 | 06:03 AM
#75
Gets Weekends Off
Joined: Dec 2006
Posts: 1,784
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From: I was acquired, Not Hired
11-29-2011 | 06:05 AM
#76
Gets Weekends Off
Joined: Mar 2008
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He's being interviewed by CNBC
He blames the labor unions, specifically the pilots.
Competitors had too much of a cost advantage with bankruptcy-negotiated labor contracts. (According to him)
CNBC Commentator,
"Do you think this will get the pilot's attention?"
He blames the labor unions, specifically the pilots.
Competitors had too much of a cost advantage with bankruptcy-negotiated labor contracts. (According to him)
CNBC Commentator,
"Do you think this will get the pilot's attention?"
11-29-2011 | 06:06 AM
#78
Can't abide NAI
Joined: Jun 2007
Posts: 12,078
Likes: 15
From: Douglas Aerospace post production Flight Test & Work Around Engineering bulletin dissembler
Bankruptcy will help American while harming its competitors. Despite some competitors licking their chops to bite (by buying into) some part of American's network, what will happen is that the competitors' lending costs will increase while American's will decrease.
Expect American to follow the US Air / United / Delta / NWA model in less than 12 months.
American is NOT looking to merge. CNBC is calling for a trans border merger, but it is illegal under current law. American has a large enough network to compete with American and UCAL.
11-29-2011 | 06:07 AM
#79
Gets Weekends Off
Joined: Jan 2008
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From: 747
11-29-2011 | 06:07 AM
#80
Can't abide NAI
Joined: Jun 2007
Posts: 12,078
Likes: 15
From: Douglas Aerospace post production Flight Test & Work Around Engineering bulletin dissembler
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