AMR Corp. sees financial losses in August
Posted on Tuesday, October 2nd, 2012 at 7:53 pm
American Airlines’ parent company AMR Corp. reported losses of $82 million for the month of August, in large part due to its expensive bankruptcy fees. AMR would have made a $4 million net profit had it not been forced to pay $86 million in reorganization, renegotiation, and professional fees.
The Fort Worth-based company filed for Chapter 11 bankruptcy last November when it listed $24.7 billion in assets with $29.6 billion in total debts. It is required to file monthly financial reports to the bankruptcy court.
According to BusinessWeek, AMR also saw a six percent drop in its revenue this past August.
If you would like to learn more about bankruptcy options for businesses, contact the Chapter 11 bankruptcy lawyers of the Bradford Law Offices, PLLC, at 919-758-8879.