Bankruptcy still looms; concessions reconsidered
Its future again thrown into question by the fallout from its decision not to reveal new benefits for corporate officers until after union workers voted to approve $10.8 billion in concessions (see WIT for April 17 and 18, 2003), American Airlines is considering a bankruptcy filing as early as today. After lengthy negotiations yesterday between the company and the workers, the board of American Airlines will meet today to discuss the future path of the airline and whether current CEO Donald Carty---who has garnered the wrath of the workers---is a part of it (see today's WIT). Company attempts to quell worker outrage by easing back on concessions demands seem to have failed last night, as the pilots union withheld final approval of the concessions, and the flight attendants and ground crew unions held to plans for thirty-day revotes (see WIT for April 22, 2003).
See "Bankruptcy still looms; concessions reconsidered", the Associated Press, Detroit Free Press, April 23, 2003