Posted on Tuesday, January 3rd, 2012 at 4:18 pm
American Airlines parent company, AMR, has been dropped from the New York Stock Exchange after shares closed below a dollar for 30 consecutive days.
AMR Corp. filed for Chapter 11 bankruptcy at the end of November. Its share, closing at $1.62 the day before the filing, dropped to 26 cents the next day. The company does not plan on protesting the delisting.
Before filing for Chapter 11, AMR stock had dropped 79% this year, with an estimated $11 billion in losses since 2001. American Airlines plans to continue operating as normal while in bankruptcy, and it expects to bounce back after reducing its debt. A bankruptcy judge approved the airline to continue to pay for fuel, new planes, and labor while under Chapter 11 protection.
If you are interested in learning more about Chapter 11 bankruptcy options or want to review your business’ needs, contact a Houston Chapter 11 bankruptcy lawyer from the Russell Van Beustring P.C., at 713-973-6650.