AN HOUR OR SO ago, American Airlines’ parent, AMR Corp., made a New York court filing for bankruptcy. An accompanying announcement said the airline would continue to operate. The hope is the airline will be able to lift itself out of the mire of failure.
AMR also appointed a new CEO today. His name is Thomas Horton. Mr Horton issued a statement: “Our very substantial cost disadvantage compared to our larger competitors…has become increasingly untenable given the accelerating impact of global economic uncertainty and resulting revenue instability, volatile and rising fuel prices, and intensifying competitive challenges.”
Not exactly Godlike. And not even a plan. Translation: AMR is spending more than it’s making. (The same meaning is obtained when translated to French, German, Italian, Portguese, Spanish, and, especially, Greek.)
– Calamo.
More at Bloomberg.
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