AA going chapter 11 today?

Old Apr 15th, 2003, 12:37 PM
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AA going chapter 11 today?

AA could be in Ch.11 today as the FA union voted no(just by 200 votes or so) to wage concessions. Pilots, mechanics, and ground crew unions all voted yes. This should be interesting. FA union asked AA to have another vote. AA said no, at least for now.
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Old Apr 15th, 2003, 12:52 PM
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All the majors now except for have teams of bankruptcy lawyers. Delta and AA hired theirs a month or so ago.
 
Old Apr 15th, 2003, 01:47 PM
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AA said ok to a second vote by the FA union. We will know the results tomorrow at 5pm.
Hope they do the right thing this time!
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Old Apr 15th, 2003, 01:50 PM
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Thank goodness AA is allowing a second vote. Let's keep our fingers crossed that AA does not have to file for Chapter 11.

http://www.amrcorp.com/newsreleases.html
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Old Apr 15th, 2003, 02:38 PM
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AA will absolutely file, unless a last minute union deal can be reached. They announced a few days ago that they had lined up bankruptcy financing through JP Morgan. Given the fees involved, you don't take that step unless you're pretty certain that's where it'll end up.
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Old Apr 15th, 2003, 05:26 PM
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I have a flight booked and paid for on AA in May. If AA files Chapter 11, that is just to reorganize their debt, but they will keep on flying. Correct?
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Old Apr 15th, 2003, 05:32 PM
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Correct. Chapter 11 protects a company's from creditors seizing assets. Re-organization of debt.
 
Old Apr 15th, 2003, 07:48 PM
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Is United still flying?
USAirways?
TWA prior to sale?

Filing Chapter 11 does not mean an airline (or any other business) is "out of business".
After all the filings over the past 3 years you'd think people would realize this by now.
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