American Airlines Files for Bankruptcy Protection

November 29, 2011 Updated Nov 29, 2011 at 11:39 AM EDT

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American Airlines Files for Bankruptcy Protection

November 29, 2011 Updated Nov 29, 2011 at 11:39 AM EDT

In a news release issued Tuesday, the parent company of American Airlines announced it had filed for Chapter 11 bankruptcy protection.

Parent company AMR says the move was made "in order to achieve a cost and debt structure that is industry competitive." The company is flying normal schedules and conducting business as usual, according to a note posted on its website.

Read the American Airlines news release HERE.