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AMR In April Maintains Cash Balance AT $5.6 Billion
A near breakeven operating performance in April enabled AMR Corp. to maintain its cash balance at about $5.6 billion as it enters a pivotal period of its Chapter 11 reorganization. The Fort Worth-based operator, which has been building its cash balance since entering Chapter 11 in late November 2011, is about to enter a final round of contract talks with four key union groups after the company’s bankruptcy court completed a series of hearings into the possible rejection of its collective… (www.aviationweek.com) More...
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Even more amazing when they declare bankruptcy with billions in the bank.
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They cant give themselves bonuses.
The company is supposed to use that money to pay for their re-organization/re-structuring, in theory that is.
It's all gonna be interesting. I was a thinkin' they started with 4.8 billion in cash when they first filed. Sad part is, I figure all this talk with U.S.Air is just that, talk. I doubt the court will allow it. In the end, right or wrong, I think AMR will emerge pretty much as they have asked, and that doesn't bode well for a lot of employees or Mr. Parker and US Air. I think that Mr Horton will remember all this sniping, and as business goes, will take a little, indirect personal revenge, as in coming after US with guns blazing.
[This poster has been suspended.]