American Airlines Hires Bankruptcy Lawyer
Saturday, March 15th 2003, 12:00 am
By: News On 6
(Dallas-AP) -- The world's largest airline has hired a well-known bankruptcy lawyer as it continues to struggle with its finances.
A-M-R Corporation, the parent company of American Airlines, has hired Harvey Miller to help plan for a possible bankruptcy filing.
Miller is a managing director at the investment banking firm Greenhill and Company.
He's participated in bankruptcy cases involving Houston-based Continental Airlines and Bethlehem Steel.
American Airlines is losing five (M) million dollars a day. The company's stock value has tumbled 90 percent in the past year.
To help reduce costs, American has turned to its unions to help slash annual costs by four (B) billion dollars.
Talks are set for next week with the Transport Workers Union and the Association of Professional Flight Attendants to try and negotiate millions of dollars in savings.
The airline employs workers in Tulsa and Oklahoma City.