American Airlines parent files for bankruptcy

The parent company of American Airlines filed for Chapter 11 bankruptcy protection today. AMR Corp. also appointed Thomas Horton as chairman and CEO to guide the company as it restructures its debt. "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," Horton said. In a statement, American said it expects to continue normal business operations throughout the reorganization process, including "honoring tickets and reservations as usual, and making normal refunds and exchanges." The airline also said that its frequent-flier program "is not affected."

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