American Airlines Parent AMR Files for Bankruptcy

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Nov. 29 (Bloomberg) -- American Airlines parent AMR Corp. filed for bankruptcy after failing to secure cost-cutting labor agreements and sitting out a round of mergers that dropped it from the world’s largest airline to No. 3 in the U.S. With the filing, American became the final large U.S. full-fare airline to seek court protection from creditors. Chairman Gerard Arpey will retire and be replaced by Thomas Horton, AMR said. Shannon Pettypiece reports on Bloomberg Television's "InsideTrack." (Source: Bloomberg)

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