On November 29, 2011 the third largest US airline entered into a bankruptcy filing because of financial issues. Today it was announced that American Airlines had two executives that were leaving as a result of management restructuring during the bankruptcy filing.
Airline VP in charge of Mexico and the Caribbean, Peter Dolara announced he would be leaving by June 30 this year. The senior vice president for airport services and cargo, Thomas Del Valle also announced he would be leaving on June 30. At the end of 2011, because of the ailing airline filing for bankruptcy, three other executives retired.
American Airlines, the third-largest US airline, decided that filing bankruptcy under Chapter 11 would be a good way to restructure the company. Included in the restructuring while filing bankruptcy, the airline is looking at cutting 13,000 employees that would prune $2 billion off of its operating costs. The new company CEO, Tom Horton, is working to reduce the management staff also as part of the Chapter 11 bankruptcy reorganization.
American Airlines is looking to emerge from the bankruptcy filing being streamlined and profitable. In a statement, Horton said, “We must seize every opportunity to streamline and enable fast, effective decision-making, this is an essential part of positioning the new American to win.”
As many American household names continue to file for bankruptcy, only time will tell which ones will come out on top after filing for bankruptcy. It will also be interesting to see how many citizens will follow in suit of these large companies by filing bankruptcy themselves because of this terrible economy.
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