This is topic AA Files Chapter 11 in forum TWA at Smilin' Jack.


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Posted by Irish (Member # 722) on :
 
Here we go again. Hold on to your hats, medical and TWA life insurance. Gulp!! [Embarrassed]
 
Posted by Irish (Member # 722) on :
 
Good morning, this is CA John Hale with a Special Flight Department Hotline for Tuesday, Nov. 29.

Today I have the job of delivering the sobering news that our airline is seeking to restructure under Chapter 11. As disappointing as this is to hear, I know many of you have watched our situation closely and understand the challenges we face going forward.

As you’ve heard with increasing urgency – something had to give. Despite the best efforts of many, our challenges were simply too much to overcome – our large cost disadvantage, brought on by our competitors who already restructured their costs and debt through Chapter 11, has only been exacerbated by global economic uncertainty, volatile and rising fuel prices, intensifying competitive challenges and our recent creditdowngrade. This perfect storm led our Board of Directors to decide that this was the right path for us to take, and take now. We intend to become a financially stronger and more competitive airline.

I know all of you have questions about what happens next – for you, your families, and your colleagues. In the near term, nothing will change. Your paycheck, medical benefits, and other contractual rights will continue uninterrupted. And, we remain open for business, flying our normal schedule, honoring all customer needs, and maintaining the AAdvantage program.

Running a safe, reliable, customer-focused operation needs to continue to be our top priority. The satisfaction of our customers will directly determine our ability to win.

And, as you may imagine, it is likely there will be changes coming in the future as we address our costs and other competitive disadvantages. We will be working closely and negotiating with APA on new proposed changes to our contract that reflect our changed circumstances.

A new website was launched this morning on Jetnet to provide additional information and answers to your questions on the restructuring process, and we’ve added a link to it from AAPilots. This site will be our primary source of information, and will be updated regularly, so please visit it often.

I can assure you that everyone involved wants to move through this process as quickly as possible, but we’re just beginning and it’s too soon to say how long it will take. The one thing I can guarantee is that our goal is the same – to emerge from restructuring as a financially stronger, more efficient and more competitive airline that offers a world-class product to our customers.

I will be in touch in the coming days, but please reach out to me or your Chief Pilot with your questions and we’ll do all we can to answer your concerns, or find someone who can.

The months ahead will be challenging, but we have a proud history and I’m confident that despite the current situation, this team will come out on the other side stronger.

Fly safe, take care of each other and thank you for all you do.
 
Posted by Mayberry (Member # 2641) on :
 
...I think I've seen this movie before...
 




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