Tuesday, November 29, 2011 , Updated 12:50 p.m., November 29, 2011
UPDATED: Travel schedules go unchanged despite American Airlines’ bankruptcy filing
Quickly after the Chapter 11 filing was announced, American Airlines officials emailed frequent flyers.
AMR Corporation, the parent company of Fort Worth-based American Airlines, filed for Chapter 11 in bankruptcy court on Tuesday. American was one of the last major airlines to file for bankruptcy, and according to reports, had lost $10 billion since 2001.
An email to American Airlines AAdvantage members says that tickets will be honored, and miles accrued through AAdvantage will not be rescinded. Maya Leibman, president of the AAdvantage Loyalty Program, wrote, in part:
American is honoring all tickets and reservations as usual, and making normal refunds and exchanges. And, we intend to maintain a strong presence in domestic and international markets. As we and all airlines routinely do, we will continue to evaluate our operations and service, assuring that our network is as efficient and productive as possible. ...
Also on Tuesday, the company announced that Gerard Arpey has retired as chairman and CEO. Thomas W. Horton, who served as the president of the corporation, takes his place.
According to a statement, American Airlines officials asked Arpey to stay on with the company, but he elected to retire.
[UPDATE: NBCDFW has a copy of Arpey's letter to employees after he resigned. He says, "... After careful consideration, I concluded that my remaining in those roles would not be best for the company. In my view, executing the Board's plan will require not only a reevaluation of every aspect of our business, but also the leadership of a new Chairman and CEO who will bring restructuring experience and a different perspective to the process. That is why I informed the Board of my decision to retire from the company."
He's already signed on to work with Emerald Creek Group, an investment firm.]
The airline has devoted a page on the AA website to the restructuring deal.
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