American Airlines files for bankruptcy protection
Bankruptcy
The parent company of American Airlines filed for bankruptcy protection Tuesday, seeking relief from crushing debt caused by high fuel prices and expensive labor contracts that its competitors shed years ago.
The company also replaced its CEO, and the incoming leader said American would probably cut its flight schedule "modestly" while it reorganizes. He did not give specifics. American said its frequent-flier program would be unaffected.
AMR Corp., which owns American, was the only major U.S. airline company that did not file for bankruptcy protection after the Sept. 11 attacks, which caused a deep slump in the industry.
Bankruptcy filings allowed American's competitors to shed costly labor contracts, unburden themselves of debt and start making money again. American was stuck with higher costs, and had to match its competitors' lower fares or lose money.
Other airlines also grew by pursuing acquisitions and expanding overseas. American was the biggest airline in the world in 2008, but has been surpassed by United, which combined with Continental, and Delta, which combined with Northwest.
Related listings
-
Ala. county files for largest municipal bankruptcy
Bankruptcy 11/10/2011Alabama’s most populous county filed what became the largest municipal bankruptcy in U.S. history in an effort to retake control of its beleaguered sewer system and wipe away as much of its whopping $4.15 billion in debt as possible. Jefferson County...
-
MF Global faces class-action suits after bankruptcy
Bankruptcy 11/06/2011Two class-action lawsuits have been filed against bankrupt brokerage MF Global as customers struggle to recover funds from the first major US casualty of the European debt crisis. On Saturday, Seattle-based Hagens Berman said it was "investigating wh...
-
Debt-crippled Pa. capital files for bankruptcy
Bankruptcy 10/13/2011Pennsylvania's distressed capital city filed for bankruptcy Wednesday, citing "imminent jeopardy" from lawsuits related to a debt-saddled municipal incinerator and setting up a power struggle between the mayor and City Council. The federal petition f...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.