Meeting of Creditors The initial meeting of creditors has been adjourned to March 22, 2012 at 4:00 p.m. (ET) at 80 Broad Street, 4th Floor, New York, NY 10004. Nicole Stefanelli Associate Lowenstein Sandler PC
Category: American Airlines
Wrong for American –Wrong for America – Jim Little, TWU President
Last week, AMR executives revealed their proposal for bankruptcy reorganization. They decided to hit their employees at American Airlines and American Eagle with a hammer, slashing 13,000 jobs and dumping pension plans on the PBGC. They’re aiming for a 20 percent reduction in labor costs. From everything we can tell, this plan is wrong for…
Is American the Worst-Managed Airline in America?
Members of the Transport Workers Union (TWU) were scheduled to vote on a new contract with American Airlines, or AA, this December that would have lowered the airline’s cost and outsourced hundreds of jobs that weren’t directly related to aircraft maintenance. They never got the chance because American instead filed for bankruptcy. On Wednesday AA…
AMR and the return of the bare-knuckled bankruptcy Read more: AMR and the return of the bare-knuckled bankruptcy – The Deal Pipeline
These are some clippings from the article: They (Companies) gab with unions that represent their workers and creditors and banks that hold their debt. Some even put out press releases telling the world just how well they’re doing. It ordered $38 billion worth of planes four months before submitting its Chapter 11 petition — hardly…
Recent Bankruptcies Just the Beginning?
Peter Kaufman, Gordian Group president and head of Restructuring and Distressed M&A, on the recent bankruptcies from Eastman Kodak and AMR, and why this is just the beginning. View the video here
AMR Bankruptcy Update – 02-02-2012
Brothers and Sisters, As we all know, the AMR bankruptcy has exacerbated an already difficult time for our members. TWU recognizes the anxiety and fear inflicted by their actions on you and your families. Be assured, we are taking all actions possible to protect your job, your wages and benefits. On Wednesday Feb. 1, AMR…
AMERICAN AIRLINES 1113(c) PROPOSAL TO TWU: Feb. 2, 2012
Dear Brothers and Sisters, The following 1113 term sheets were provided to the TWU Negotiating Committees. Although narrow, we will do our best to mitigate the proposals. We are planning to review the Company’s Business plan with our attorneys and the financial analysts hired by President Little. The savings that the Company has proposed is…
Letter from: Thomas W. Horton Chairman and Chief Executive Officer Feb.1, 2012
Dear American Team: American Airlines Several weeks into our restructuring process we continue to make progress on a comprehensive plan to restore American to industry leadership, profitability, and growth. From my travels around the system and talking with so many of our folks, I know the fierce commitment we all share to making American a…
Today’s the day of the bad news at AMR, American Airlines and American Eagle
This from: Dallas News Here’s what we expect, in general: Around 10 a.m., chairman, president and CEO Tom Horton will begin describing the company’s business plan for reorganization as he meets with leaders of the Allied Pilots Association, Association of Professional Flight Attendants and Transport Workers Union. Beverly Goulet, vice president, treasurer and chief restructuring officer,…
Sullivan Meets with American Airlines CEO Tom Horton
Washington, Jan 25 – Today, Congressman John Sullivan met with American Airlines CEO Tom Horton, to discuss issues surrounding the companies bankruptcy filing. “We had a productive meeting – American Airlines is the largest private employer in Oklahoma, and big part of the Tulsa community. I appreciate him taking the time to speak with me so…