American Airlines' Parent Company Files Bankruptcy

This just in from CBS.com:

(CBS/AP)

DALLAS – American Airlines’ parent company, AMR, filed for Chapter 11 bankruptcy this morning.

American lost $868 million during the first nine months of this year, and was the only major U.S. airline to lose money last year.

AMR Corp. and AMR Eagle Holding Corp. says they filed voluntary petitions to reorganize.

It says the move is in the best interest of both companies and its shareholders.

American has been unable to reach a new cost-saving contract with its pilots. It has been trying to upgrade its aging fleet of planes, and has not merged with another carrier, like many of its competitors… [read more]