- ‘Welcome to the edge of freedom’: Biden’s boots touch down in DMZ
- Obama: Hole U.S. ‘digging out of’ requires billions more in unemployment benefits
- Obama’s regulatory agenda will cost U.S. economy $143B next year: report
- Patriot Act author on James Clapper: Fire, prosecute him
- Russia P.M. Medvedev: No amnesty for political prisoners
- Michigan GOP Senate hopeful reminds government is the ‘servant’
- Christmas, by Congress: Members mull a 15-cent tax on trees
- U.S. unemployment falls to five-year low of 7 percent; 203K jobs added
- World mourns Nelson Mandela and celebrates his life; burial set for Dec. 15
- Bill O’Reilly reminds: Nelson Mandela ‘was a communist’
Following rivals’ lead, American Airlines files for bankruptcy
CEO out in carrier’s reorganization
The losers: AMR stockholders almost certainly will be wiped out. The stock had already lost 79 percent of its value this year on fears of bankruptcy. The stock fell to 31.5 cents Tuesday, down almost $1.32 from the day before. In January 2007, after a 4-year rally, shares were worth more than $40.
AMR has lost more than $12 billion since 2001, and analysts expect it will post more losses through 2012. Speculation about an AMR bankruptcy grew in recent weeks as the company was unable to win union approval for contracts that would reduce labor costs. The company said it was spending $600 million more a year than other airlines because of labor-contract rules - $800 million more including pension obligations.
• AP writers Samantha Bomkamp, Joshua Freed and Danny Robbins contributed to this report.
- Bill OReilly reminds: Nelson Mandela was a communist
- Kill team: Obama war chiefs widen drone death zones
- Obama administration issues permits for wind farms to kill more eagles
- Spike in battlefield deaths linked to restrictive rules of engagement
- Activists urge Obama to go rogue, sidestep Congress
- Craigslist killers: Police say newlyweds stabbed man for thrills
- Obama: Hole U.S. 'digging out of' requires billions more in unemployment benefits
- Rush Limbaugh: Obama trying to make Mandela death about himself
- Obamas call to close Vatican embassy is 'slap in the face' to Roman Catholics
- Colorado judge: Bakery owner discriminated against gay couple
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