On November 29, 2011 AMR Corporation filed for Chapter 11 bankruptcy protection. The decision comes as the airline tries to "achieve a cost and debt structure that is industry competitive and thereby assure its long-term viability and ability to continue delivering a world-class travel experience for its customers," the company said in a statement. American Airlines stated that despite the filing it was continuing normal operations. Analysts have speculated that following bankruptcy American is likely to merge with US Airways being the likely candidate.
Not a huge fan of American Airlines (see my review), but it's still sad to see a business struggling. Hope that with this filing, they'll come back better and stronger, but in this economy, it's hard to tell what's going to happen.