American
Airlines has announced that it and its parent company are filing for
Chapter 11 bankruptcy protection – and that its CEO has stepped down.
The third-largest airline in the U.S. claims that the filing will not
have an impact on travelers who have already booked with American and
that AA’s frequent flier program is not going to be affected. But the
new CEO explains that the company’s necessary restructuring will
“modestly” reduce the number of flights AA offers and that there will be
job cuts. American was the only major airline that didn’t restructure
in the years since the 9/11 attacks in 2001. The last major to file for
protection was Delta in 2005.
