"Reuters: American bankruptcy Friday
Source tells news agency that No. 1 airline to seek court protection from creditors soon.
April 24, 2003: 7:27 PM EDT
NEW YORK (CNN/Money) -AMR Corp.'s American Airlines will file for Chapter 11 bankruptcy protection Friday morning, sources familiar with the matter told Reuters Thursday.
The impending move in U.S. Bankruptcy Court in New York comes after AMR's board met throughout the day in Texas to consider the fate of the world's largest airline, which has been embroiled in a big dispute with unions.
Some progress appeared to occur Thursday when union leaders representing American Airlines pilots and ground workers say they will honor concessions agreements, with slight modifications, that could avert bankruptcy.
But it wasn't clear whether the third key union, the Association of Professional Flight Attendants, would join in following lingering anger over management perks.
The Transportation Workers Unions and the Allied Pilots Association say that with some slight modifications they are going along with pacts voted on last week that would save the airline $1.6 billion.
The three unions earlier threatened to pull out of the deals after finding out that management had approved retention bonuses and pension guarantees for the airline's top executives.
James C. Little of the TWU, said in a letter Thursday that said that honoring the votes is the only way to avert a bankruptcy for the struggling airline that would be harmful to the union members.
"We must do everything in our power to limit exposure of our contracts and our members in bankruptcy proceedings," Little wrote in a letter to union members.
New modified agreements between the two unions and management give the pilots and ground workers a concession deal one year shorter in duration along with various performance incentive pay."
Mi sa ke fra un po', con la ripresa, ne vedremo davvero delle belle.
Mi spiace molto x loro, se nn erro già erano finiti in Chapter 11...




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