American parent files for Chapter 11 bankruptcy protection

AMR Corp., parent of American Airlines, today did as has been expected for weeks (maybe months or years) and began the process of lowering its labor and other costs, using the way that has been most popular with U.S. carriers for more than a decade. AMR filed a petition for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. American was the last major carrier to retreat to Chapter 11 to solve issues it hasn't been able to through normal labor negotiations and  business practices. Look for cuts in service, employees and aircraft, and much speculation about the possibility of merging with another major carrier (that would be US Airways, as the only real candidate left). Read more about the petititon filing here ....