American Airlines To Cut Up To 15,000 Jobs

Things aren't looking good over at American Airlines.

According to a news story from Dallas/Fort Worth's NBC 5:

NBC 5 has learned that Fort Worth-based American Airlines may cut between 10,000 and 15,000 jobs across the company.

Sources familiar with the plan said they company plans to announce the cuts during a meeting Wednesday morning in Fort Worth.

The airline filed bankruptcy last November.

To read the full story, go here.

American Airlines Files Chapter 11 Bankruptcy

American Airlines filed Chapter 11 bankruptcy due to high labor and fuel costs and the weak economy.

American's parent company, AMR Corp., filed for bankruptcy protection on Tuesday.

This will allow the company to reorganize and to end costly union contracts with their underfunded pension plans.

According to the Wall Street Journal:

AMR Corp., which owns American, was one of the last major U.S. airline companies that had avoided bankruptcy. Rivals United and Delta used bankruptcy to shed costly labor contracts, reduce debt, and start making money again. They also grew through mergers.