November 29, 2011 | 11:31am
This morning, American Airlines' parent company filed for Chapter 11 bankruptcy protection, but, for now at least, it won't impact passengers.
AMR Corpororation, the company over American Airlines and American Eagle, voluntarily filed for Chapter 11, saying it was the next logical step in ensuring their 'long-term viability."
A statement on their website
reads: "We took this action in order to achieve a cost and debt structure that is industry competitive and thereby assure our long-term viability and ability to continue delivering a world-class travel experience for customers."
For many in the industry,
AMR's move was a long time coming, seeing as all of its major competitors have already filed Chapter 11 in recent years.
American Airlines announced another big change today, too. Gerard Arpey will retire as chairman and CEO, and Thomas W. Horton, the onetime vice chairman and CFO of AT&T Corp., will replace him.
"This was a difficult decision, but it is the necessary and right path for us to take -- and take now -- to become a more efficient, financially stronger, and competitive airline," Horton said in a statement about the bankruptcy filing.
In the interim, American Airlines pledges to maintain normal flight schedules, honor reservations and make exchanges.
Accordingly, American flights out of and into John Wayne Airport(JWA) won't be affected by today's announcement. Airport Spokeswoman Jenny Wedge says nothing will change, at least not in the immediate future.
There is a possibility that weeks or months down the line, the company could makes changes regarding which airports they fly to or how many flights they schedule, Wedge says. It's too soon to tell, however, if that would impact John Wayne.