Tuesday, November 29, 2011 – 01:55 p.m.
AMR Corp., parent of American Airlines filed for chapter 11 bankruptcy protection Tuesday.
The airlines stock is trading at just 26 cents per share this evening.
High fuel cost amid stiff competition has crushed the flagship passenger carrier.
The company’s unions refused to re-negotiate concessions that other airlines already achieved through bankruptcy reorganization.
AMR intends to reorganize and re-emerge in a more competitive form.
The current shareholders are toast, with the current shares on the way to zero.