By Andrew P. Napolitano
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Independent voices from the TWT Communities
It took Thomas W. Horton 26 years to reach the corner office, but the promotion came with a catch: His company was going into bankruptcy protection.
American Airlines wants to cut labor costs by 20 percent and eliminate 12,000 to 14,000 jobs at the nation's third-biggest airline.
The parent of American Airlines wants to eliminate about 13,000 jobs -- 15 percent of its workforce -- as the nation's third-biggest airline remakes itself under bankruptcy protection.
The parent company of American Airlines filed for bankruptcy protection Tuesday, seeking relief from crushing debt caused by high fuel prices and expensive labor contracts that its competitors shed years ago.
The parent company of American Airlines filed for bankruptcy protection Tuesday, seeking relief from crushing debt caused by high fuel prices and expensive labor contracts that its competitors shed years ago.
Mr. Horton says he got little sleep, knowing he would have to explain the move to thousands of investors, employees, business partners and reporters.
He says the company can't afford to move slowly in Chapter 11 unless it wants to be sold to a rival or broken up.
