AMR Corporation
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AMR Corporation
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| Type | Public |
|---|---|
| Traded as | OTCQB: AAMRQ |
| Industry | Transportation |
| Founded | 1982 |
| Headquarters | Fort Worth, Texas, United States |
| Area served | Worldwide |
| Key people | Thomas W. Horton (Chairman and CEO) |
| Services | Airline services |
| Revenue |  US$ 22.170 billion (2010)[1] |
| Operating income | US$ 308 million (2010)[1] |
| Net income | US$ -471 million (2010)[1] |
| Total assets |  US$ 25.088 billion (2010)[1] |
| Total equity | US$ -3.945 billion (2010)[1] |
| Employees | 73,800 (2012), before axe 13,000 jobs |
| Subsidiaries | List of subsidiaries |
| Website | www.aa.com |
AMR Corporation (OTCQB: AAMRQ) is a commercial aviation business and airline holding company based in Fort Worth, Texas, United States,[2] known for being the parent company of American Airlines. The company also owns AMR Eagle Holdings Corporation, which operates the regional airlines American Eagle Airlines and Executive Airlines. AMR's and AA's Chairman, President, and CEO is Thomas W. Horton.[3] The company filed for Chapter 11 bankruptcy in November 2011.
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Contents
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History
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AMR corporation was formed in 1982, as part of American Airlines's non-bankruptcy reorganization into a Delaware corporation, its name derives from American Airlines's former ticker symbol on the New York Stock Exchange.
On November 29, 2011, AMR Corporation filed for Chapter 11 reorganization bankruptcy.[4] The Air Transport Association group said that unofficial research states that AMR was the 100th airline company to go into bankruptcy protection since 1990.[5]
On December 2, 2011, AMR Corporation was replaced by Alaska Air Group in the Dow Jones Transportation Average.
In early February 2012 the company said it will eliminate 13,000 jobs or about 18 percent (including 15 percent management positions) of American's 73,800 employees to cut annual operating costs by 20 percent or $2 billion and boost revenue by $1 billion.[6] Since 2001, accumultive losses of the company was $11 billion.[7]
Airline subsidiaries and divisions
- American Airlines
- AA Real Estate Holding[8]
- Admirals Club, Inc.[8]
- American Airlines de Mexico, S.A.[8]
- American Airlines de Venezuela, S.A.[8]
- American Airlines Marketing Services LLC[8]
- American Airlines Realty (NYC) Holdings, Inc.[8]
- American Airlines Vacations LLC[8]
- American Aviation Supply LLC[8]
- Packcall Limited[8]
- Texas Aero Engine Services, L.L.C, dba TAESL[8]
- AMR Eagle Holding Corporation[9]
- American Eagle Airlines Inc. a regional feeder airline for AA
- Eagle Aviation Services[8]
- Executive Airlines Inc., operating American Eagle's ATR aircraft fleet
- AMR owns a 20% share of Aeroperlas[10]
Fleet
- AMR Corporation fleet
American Airlines operates 605 aircraft as of April 2012 with 451 on order.[11] American Airlines has ordered 460 new planes, 260 A320neo from Airbus and 200 737s from Boeing over the next 5 years. It will also take options and purchase rights for up to 465 additional planes through to 2025.
American Eagle Airlines, AMR's regional subsidiary operates 284 aircraft including 39 which are operated by Executive Airlines, another subsidiary of AMR Corporation.
- Non-AMR Corporation fleet
Fifteen aircraft are operated by Chautauqua Airlines under the American Connection brand. Chautauqua is not owned by AMR but operates aircraft for American Eagle.
Aviation business subsidiaries and divisions
- American Airlines Cargo
- American Airlines C.R. Smith Museum,[12] a museum of commercial aviation in Fort Worth
- American Airlines Facilities
- American Airlines Travel Academy, a school for travel industry professionals
- AmericanConnection (Operators Trans States Airlines, Chautauqua Airlines are independent of AMR)
- American Airlines Flight Academy, a flying school
- Flagship University, a corporate conference and training center in Fort Worth.
American Airlines Foundation
AMR sponsors the AMR/American Airlines Foundation, a grant-making foundation which supports charitable causes in cities served by AA, in particular the Dallas/Fort Worth Metroplex, Chicago, Illinois, Miami, Florida, Saint Louis, Missouri, and San Juan, Puerto Rico.
Property
AMR Corporation owns a five story townhouse, London Residence LON6526, in Cottesmore Gardens, Kensington, London. As of 2011 it is worth 30 million U.S. dollars. Many large companies own or rent property for use of executives who are working abroad. When AMR Corporation asked for Chapter 11 bankruptcy protection, LON6526 was one of the eight owned properties the company declared.[13] The airline purchased the complex in 1992 for 6.3 million British pounds (US$9.8 million). Nina Campbell, an interior designer, had renovated the property. Sean Collins, an AMR spokesperson, said that AMR may sell the townhouse.[14] Richard Tilton, a lawyer with specialization in bankruptcy and the director of Sheldon Good & Co., said that the property is "like the corporate jets that the executives at GM and Chrysler were forced to give up during their reorganizations," and "Symbols of corporate suite excess are not likely to survive a Chapter 11 reorganization that is supposed to be fair and equitable."[14]
AMR Corporation's former certificated airline holding acquisitions
- Air Cal
- Command Airways
- Metroflight
- Reno Air
- Simmons Airlines
- Trans World Airlines
- Wings West Airlines
References
- ^ a b c d e "2010 Form 10-K, AMR Corporation". United States Securities and Exchange Commission. http://www.sec.gov/Archives/edgar/data/6201/000095012311014726/d78201e10vk.htm.
- ^ "Corporate Structure". American Airlines. http://www.aa.com/content/amrcorp/corporateInformation/facts/structure.jhtml. Retrieved May 18, 2009.
- ^ Executive Bios
- ^ Rushe, Dominic (11-29-2011). "American Airlines files for Chapter 11 bankruptcy protection". The Guardian. http://www.guardian.co.uk/business/2011/nov/29/american-airlines-chapter-11-bankruptcy. Retrieved November 29, 2011.
- ^ Mutzabaugh, Ben. "Unofficially, AMR is 100th airline bankruptcy since 1990." USA Today. November 29, 2011. Retrieved November 29, 2011.
- ^ "AMR to trim 13,000 jobs in plan for $2 billion in cost cuts". February 2, 2012. http://www.dailyherald.com/article/20120201/news/702019810/.
- ^ "American Airlines pangkas 13.000 karyawan". February 2, 2012. http://internasional.kontan.co.id/news/american-airlines-pangkas-13.000-karyawan.
- ^ a b c d e f g h i j k "Form 10-K". http://library.corporate-ir.net/library/11/117/117098/items/325362/D49AF088-3C67-4A22-B7F5-B1100C16BEC3_AMR%202008%2010-K.pdf. Retrieved March 8, 2009.
- ^ usdoj.gov
- ^ secinfo.com
- ^ "American Airlines Fleet". airfleets.net. http://www.airfleets.net/flottecie/American%20Airlines.htm. Retrieved November 15, 2010.
- ^ crsmithmuseum.org
- ^ Jones, Rhys and Chris Wickham. "American Airlines' $30 mln London town house." Reuters. Wednesday December 14, 2011. Retrieved December 14, 2011.
- ^ a b Shlachter, Barry, Scott Nishimura, and Sandra Baker. "Shlachter & Co.: Execs of bankrupt AMR Corp. enjoy swanky London digs." Fort Worth Star-Telegram. Wednesday December 14, 2011.
External links
- Yahoo! - AMR Corporation Company Profile
- American Airlines/AMR Corp. Home Page
- AMR Corportation (Archive)
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