AMR Corporation, the Fort Worth-based parent of American Airlines, filed for bankruptcy in Manhattan on Tuesday as part of a plan to ease a heavy debt load and slash labor costs that also saw the holding company’s current president, Thomas Horton, succeed retiring chairman and CEO Gerard Arpey.
Once the largest airline in the United States, American is now the country’s third-largest domestic carrier as a result of a round of consolidation and mergers in the aviation industry. Rivals United Airlines and Continental Airlines combined their operations through a $3 billion merger in 2010, two years after Delta Air Lines acquired Northwest Airlines in a $3.63 billion stock swap.
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