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VOL. 127 | NO. 64 | Monday, April 2, 2012

Losses Keep Mounting at American Airlines

AP

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FORT WORTH, Texas (AP) – The parent company of American Airlines told a bankruptcy court that it lost $619 million last month as revenue declined from January and failed to offset major expenses like fuel and labor.

AMR Corp. said the loss included $375 million in bankruptcy-related expenses, mostly to reject agreements supporting airport bond issues and aircraft leases. The company paid $15 million to advisers last month.

Revenue was $1.81 billion. AMR didn't give a comparable figure for February 2011, but revenue declined 10.8 percent from $2.03 billion in January of this year, as passengers on American and American Eagle flew 8.2 percent fewer miles.

The company disclosed the monthly financial figures in a filing Thursday in U.S. bankruptcy court in New York.

AMR said fuel was its biggest expense in February, at $682 million, followed by labor, $584 million. This week, AMR asked the bankruptcy court to throw out the airline's contracts with unions for pilots, flight attendants and ground workers and to impose the company's pay and work demands.

American Airlines and AMR filed for bankruptcy protection in November. The airline plans to cut 13,000 jobs and get labor-cost concessions from its unions.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 74 17,939
MORTGAGES 95 95 20,660
FORECLOSURE NOTICES 8 8 2,701
BUILDING PERMITS 141 141 36,977
BANKRUPTCIES 59 59 11,485
BUSINESS LICENSES 17 17 5,865
UTILITY CONNECTIONS 27 27 6,857
MARRIAGE LICENSES 41 41 4,090