American Airlines parent AMR wants more time to present turnaround plan in bankruptcy court

The exclusive period has already been extended once and was due to expire Sept. 28, but American will ask for a new deadline of Dec. 27. A federal judge is expected to rule on the request next week. New long-term labor contracts are a key piece of AMR’s plan to reduce costs and emerge from bankruptcy protection as a profitable, independent company.

Stockton California Files for Bankruptcy Court Protection

Stockton said its biggest unsecured creditor is the California Public Employees’ Retirement System, or Calpers, , the largest U.S. pension fund, owed $147.5 million, followed by Wells Fargo Bank NA, as trustee for $124.3 million in pension obligation bonds, and Wells Fargo as trustee for three other sets of bondholders owed $107 million, according to court papers.

Washington area bankruptcy filing for the week of June 4

Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court. In a Chapter 7 liquidation, a court trustee sells assets to pay creditors’ claims. The company then ceases operations.

 

To get copy of bankruptcy records