Chapter 11 per American Airlines


Bankrupt American's stock to be delisted


American Airlines (AA) parent AMR Corp. will be delisted by the New York Stock Exchange (NYSE) Jan. 5, an expected consequence of the company's Chapter 11 bankruptcy filing last November (ATW Daily News, Dec. 19, 2011).
"NYSE advised AMR that it is taking these steps because the average closing price of AMR's common stock fell below the NYSE's continued listing minimum share price standard of $1 over a consecutive 30-trading-day period," AA said in a statement. AMR stock, which performed poorly and erratically last year (ATW Daily News, Oct. 5, 2011), was trading at just 31 cents per share Tuesday afternoon.
"Due to the company's Chapter 11 filing, AMR is not able to affirm an intent to cure the aforementioned share price deficiency and, accordingly, does not oppose the suspension and delisting of its securities," AA said.
It added that it "cannot predict what the ultimate value of any of its securities may be and it remains too early to determine whether holders of any such securities will receive any distribution in the Chapter 11 reorganization. In particular, in most Chapter 11 cases, holders of equity securities receive little or no recovery of value from their investment."

http://atwonline.com/airline-finance-data/news/bankrupt-americans-stock-be-delisted-0103
e ancora
http://www.bloomberg.com/news/2011-...-nyse-a-month-after-bankruptcy-filing-1-.html
 
AA tra le varie cose comincia col chiudere New Delhi

American flies steady through Ch. 11; to close New Delhi, Burbank offices

By Aaron Karp | January 10, 2012

The first six weeks of American Airlines' (AA) Chapter 11 bankruptcy reorganization (ATW, Jan. 1) appear to have gone largely as planned, with the Dallas-based carrier and regional affiliate American Eagle operating normally and parent AMR Corp. giving no indication that the company won't be able to meet basic financial obligations.
AMR was delisted by the New York Stock Exchange last week as expected (ATW Daily News, Jan. 4), but the company quickly moved to trading in over-the-counter markets. It is now trading under the symbol "AAMRQ" on the OTCQB marketplace operated by OTC Markets Group.
The airline continues to seek court permission to maintain normal payments on most aircraft and other obligations, and is moving forward with international partnerships. Last week AA and LAN Ecuador received approval from the US Dept. of Transportation and Ecuadorean authorities to begin codesharing on flights from Miami and New York JFK to Ecuador and on LAN Ecuador domestic services.
But the carrier did signal its first concrete job cuts since filing for Chapter 11 when it announced two route closures Monday. AA will stop flying between Chicago O'Hare and New Delhi March 1 and between Dallas/Ft. Worth and Burbank, Calif. Feb. 9. AA told employees this will mean closing its offices in New Delhi and Burbank, leading to about 150 positions cut.
AA last week released December traffic figures; in its first full month operating in Chapter 11, the carrier saw system RPMs dip 0.9% compared to December 2010 to 10.23 billion on a 1.2% drop in capacity to 12.66 billion ASMs. Load factor for the month was up 0.2 point to 80.8%.
AA's December domestic US capacity was down 4.2% year-over-year while international capacity was up 3.7% including a 4.8% lift on transatlantic flying and an 8.7% increase on transpacific ASMs.
 
Delta mette gli occhi su American Airlines

Ho appreso la notizia da A.net e devo ammettere che sono molto stupito, anche perchè si tratta di una mossa assolutamente inattesa.

Delta e Tpg mettono gli occhi su American Airlines
Avrebbero preso in considerazione la possibilità di presentare offerte separate per Amr

America24, 12 gennaio 2012, 13:20

Delta Air Lines e il colosso del private equity Tpg Capital avrebbero separatamente preso in considerazione la possibilità di presentare un’offerta per rilevare Amr, la società che controlla American Airlines. Lo riporta il Wall Street Journal, che cita fonti vicine alle società.

A fine novembre Amr aveva fatto richiesta di amministrazione controllata, nell’ambito della quale sta ristrutturando il debito e lavorando per ridurre il costo del lavoro. Secondo il Wall Street Journal, un’eventuale offerta non arriverà prima di vari mesi, ma Tpg si sarebbe già fatta avanti con Amr per fare presente il proprio interesse e per l’eventuale investimento potrebbe cercare il sostegno di un partner.

La private equity ha già esperienza nel settore aereo: per esempio, nel 1993 aveva investito in Continental Airlines e nel 2007 era nella cordata che ha cercato di rilevare, senza successo, l’australiana Qantas Airways. Secondo le stesse fonti, Delta avrebbe invece dato incarico di esplorare una possibile offerta ai propri consulenti finanziari e a Blackstone Group, che aveva già aiutato la compagnia aerea con il piano di ristrutturazione nell’ambito dell’amministrazione controllata del 2005.

Un’eventuale offerta di Delta potrebbe però scontrarsi contro l’opposizione delle autorità antitrust: con la fusione del 2008 con Northwest Airlines la compagnia aerea è già diventata la maggiore al mondo e l’acquisizione di American (terzo operatore per volumi di traffico) potrebbe metterla in una posizione eccessivamente favorevole nei confronti delle concorrenti.

http://america24.com/news/delta-e-tpg-mettono-gli-occhi-su-american-airlines
Clicca per espandere...
 
DL+AA mi sembra un po' grossina come unione.

Avevo sentito di un possibile matrimonio AA + US che avrebbe invece abbastanza senso.
 
Nel caso ci fosse una proposta di acquisto, cosa potrebbe dire l'antitrust?
 
Edoardo ha detto:
Nel caso ci fosse una proposta di acquisto, cosa potrebbe dire l'antitrust?
Clicca per espandere...

Di cedere un paio di slots al JFK e poco altro.
Qualora la cosa andasse in porto, ed è tutt'altro che scontato, nella Nutella vera si troverebbe Oneworld, unica alleanza privata di un carrier USA.
Anche se pensare ad un mercato USA ridotto a due soli vettori (Delta e United) più Southwest sembra fantascienza.
 
TW 843 ha detto:
Qualora la cosa andasse in porto, ed è tutt'altro che scontato, nella Nutella vera si troverebbe Oneworld, unica alleanza privata di un carrier USA.
Clicca per espandere...
Negli States, oltre alle big three, c'è un'altra "piccola" compagnia che potrebbe trarre benefici da un suo switch verso oneworld, essendo, allo stato attuale, schiacciata all'interno della sua alleanza dal colosso United.
 
In OW se parte AA secondo me scatta una cannibalizzazione
Togliendo Ba e Ib
Jal, Qantas, Cathay, possono essere interessanti per St
Lan dopo la fusione con Tam potrebbe passare in Sa

Anche se poi mi chiedo se per uscire dalla Jv ci siano delle penali.
 
Anche US esce allo scoperto.

Usa/ Us Airways mette gli occhi su American Airlines
Ma non è l'unica interessata all'acquisto

New York, 13 gen. (TMNews) - Il colosso dei cieli Us Airways entra nell'elenco delle compagnie aeree interessate all'acquisto di Amr corporation, cui fa capo American Airlines, che ha presentato richiesta per l'amministrazione controllata a fine novembre. Le altre società che hanno messo gli occhi sull'azienda, secondo il Financial Times, sono United Continental, Delta Air Lines e la società di private equity TPG Capital.

Prima che una di queste aziende faccia la prima mossa, secondo il Wall Street Journal, passeranno diversi mesi. Ma TPG Capital non perde tempo ed è alla ricerca di un partner per rilevare il colosso Amr, che ha avviato un piano di ristrutturazione per ridurre i costi del lavoro e l'indebitamento. La società di private equity ha già esperienza nel settore aereo: nel 1993 aveva investito in Continental Airlines e nel 2007 era nella cordata che ha cercato di rilevare, senza successo, l'australiana Qantas Airways.

Si è mossa in anticipo anche Delta Air Lines, che ha scelto il fondo di private equity Blackstone come consulente finanziario per seguire l'eventuale acquisizione. Ma l'offerta di Delta, che dopo la fusione con Northwest Airlines nel 2008 è diventata la maggiore compagnia aerea al mondo, rischia di essere ostacolata dalle autorità dell'antitrust. L'acquisto di Amr, che è la terza compagnia per volumi di traffico, creerebbe un gigante che metterebbe in difficoltà le compagnie minori operanti nel settore.

http://www.tmnews.it/web/sezioni/news/PN_20120113_00008.shtml
Clicca per espandere...
 
A occhio potrebbero arrivare imput per spingere Amr verso Us Airways in cooperazione con TPG in modo da avere 3 grandi gruppi invece di 1 grandissimo, 1 grande e 1 medio/piccolo, per i loro standard.
A occhio nei prossimi tempi potrebbe scendere in campo anche BA/IB nel caso dovesse ipotizzarsi una prevalenza di Delta o United.
 
Farfallina ha detto:
A occhio potrebbero arrivare imput per spingere Amr verso Us Airways in cooperazione con TPG in modo da avere 3 grandi gruppi invece di 1 grandissimo, 1 grande e 1 medio/piccolo, per i loro standard.
A occhio nei prossimi tempi potrebbe scendere in campo anche BA/IB nel caso dovesse ipotizzarsi una prevalenza di Delta o United.
Clicca per espandere...

Imho, se si arrivasse veramente alla cessione di AA, sarebbe molto probabile una spartizione degli assets tra i gruppi interessati più che al semplice merger con US.
 
e' un assurdo pensare che US possa comprare AA. cosi' come DL il DOT/DOJ non penso lo permetterebbe cosi' facilmente. AA uscira' dal chapter 11 come tutti prima di lei poi magari rafforza i legami con AIG
 
American tagliera' 13mila posti di lavoro, pari al 18% della forza totale

AMR Will Fire 13,000 as Part of Plan to Lower Costs by $2 Billion a Year

By Mary Schlangenstein - Feb 1, 2012 11:52 PM GMT

AMR Corp. (AMR)’s American Airlines said it will eliminate 13,000 jobs under a plan to cut annual operating costs by $2 billion and boost revenue by $1 billion as the company restructures in bankruptcy.
All work groups, including management, will see a 20 percent reduction in costs and the company plans to terminate its four pension plans, Chief Executive Officer Tom Horton told labor leaders in a meeting today. The job cuts would be about 18 percent of American’s 73,800 employees.
Horton’s message offered the first indication of what a restructured American might look like. The third-biggest U.S. carrier struggled through four straight annual losses and was battered by industry mergers that pitted it against larger competitors before filing for bankruptcy protection on Nov. 29. The $3 billion in improvements will be reached by 2017.
“There is no avoiding the fact that the cost reductions will be deep,” Horton said. “And there is no sugarcoating the effect on our people.”
Being acquired, closing airport hubs or breaking up the company aren’t in the best interest of Fort Worth, Texas-based American, its workers or stakeholders, he said. US Airways Group Inc. has said it’s studying options involving AMR. Delta Air Lines Inc. has hired advisers to evaluate the company, people familiar with the matter have said.
Labor savings will make up $1.25 billion of American’s target for spending reductions, Horton said. Proposed contract changes were given to union leaders by the airline in a series of afternoon meetings.

Maintenance Changes

The airline will cut management positions by 15 percent, close its maintenance base in Fort Worth and move some aircraft maintenance and airport ramp jobs to outside vendors, Jeff Brundage, senior vice president for human resources, told workers. American hopes to reach agreements with its unions “as quickly as possible,” he said.
American’s job cuts include 4,600 mechanics and maintenance workers, 4,200 baggage handlers and other airport ramp employees, 2,300 flight attendants, 400 pilots and 1,400 management and support staff, the company said. The carrier hasn’t yet decided on reductions for customer-service and reservations agents.
“Nobody thought it was going to be a bed of roses,” said Robert Mann, a former American executive who is president of aviation consultant R.W. Mann & Co. in Port Washington, New York. “It’s all going to come down to what the details are for each group. The devil is in the details.”

‘Off the Charts’

Under bankruptcy law, AMR must provide the unions with financial information to evaluate its proposals, followed by good-faith negotiations to reach an agreement. If negotiations fail, AMR can ask the bankruptcy court to impose new terms.
“I’m completely outraged,” Laura Glading, president of the Association of Professional Flight Attendants, said in an interview. “This is the most overreaching, off-the-charts proposal I could have ever dreamed.”
The Transport Workers Union, whose members would see the deepest job cuts, also was shocked by the depth of the concessions, said Jim Little, the labor group’s international president. American’s plan would eliminate the jobs of 9,000 of the 26,000 workers represented by the TWU, he said.
“We’re going to fight this,” Little said.

Retiree Medical Benefits

American also plans to end contributions to medical benefits for future retirees. Benefits for current retirees haven’t yet been addressed. A profit-sharing plan would be created, setting aside 15 percent of pretax income for eligible employees.
The carrier intends to boost revenue by increasing departures at its hub airports by 20 percent during the next five years, better matching aircraft size to specific routes and improving its products. Specifics weren’t immediately provided.
American is seeking to cut $370 million a year from pilot costs, $230 million from flight attendants, $250 million from airport ground workers and $210 million from maintenance and $165 million from management and support staff.
American Eagle, AMR’s regional carrier, won’t make contract proposals to its unions “for a few weeks,” Dan Garton, the unit’s CEO, said in an e-mail to employees today. Eagle, with 14,237 employees, provides more than 90 percent of the passenger feed to American’s hubs.
The Pension Benefit Guaranty Corp., the federal agency that insures those retirement programs, has pressured AMR to maintain its underfunded plans. The agency placed $92 million in liens on AMR property since Jan. 19 after the company paid $6.5 million of a $100 million pension liability.

‘Drastic Action’

“Before American takes such a drastic action as killing the pension plans of 130,000 employees and retirees, it needs to show there is no better alternative,” Josh Gotbaum, the agency’s director, said in an e-mail today. “Thus far, they have declined to provide even the most basic information to decide that.”
The pensions cover about 130,000 active AMR employees and retirees, the PBGC said. The company has a pension liability of about $18.5 billion and $8.3 billion in pension assets.

http://www.bloomberg.com/news/2012-...abor-talks-with-10-000-job-cuts-possible.html
 
Un taglio cosi massiccio di personale penso porterà anche alla messa a terra di diversi aerei e alla conseguente chiusura di molte rotte.
 
Devi accedere o registrarti per rispondere qui.


Top Bottom