AMR Corp. and AMR Eagle Holding Corp. have announced that they are filing for Chapter 11 Bankruptcy Protection.
They are the parent company of American Airlines and American Eagle.
The company said that they are taking this decision in the best interest of their stockholders.
AMR said that they needed the protection to go ahead with cost cutting measures to remain competitive in the American aviation industry.
Incidentally, they were one of the few companies that survived the 911 on their own without asking for protection from the US government.