Hard landing for theAmerican Airlines. After a long period of crisis, the gigantic US-registered airline has launched bankruptcy proceedings. In particular, the company has resorted to the so-called "chapter 11” required by American regulations, a sort of controlled administration.
CEO Gerard Arpey has resigned. Thomas Horton will take his place. “We plan to enter new negotiations with the unions to reduce labor costs to competitive levels,” Horton said. The company has specified that its planes will in any case continue to fly.
To date, the company's assets are worth $24,72 billion and available liquidity is $4,1 billion. THE debts, however, amounted to 29,55 billion dollars.
