Posted Nov 29, 2011 12:40 pm CST
American Airlines is the last major airline to seek bankruptcy protection with the filing of Chapter 11 papers today in Manhattan.
The filing by the AMR Corp. and its U.S. subsidiaries, including American Airlines and American Eagle, follows failed attempts to win labor concessions, report Bloomberg News and the New York Times DealBook blog. The filing lists $24.7 billion in assets and $29.6 billion in debt.
Weil, Gotshal & Manges is lead counsel to AMR, according to a press release. Other law firms advising the company are Paul Hastings, Debevoise & Plimpton and the Groom Law Group, DealBook says.
The filing allows American to continue normal business operations during the restructuring.