Friday, March 30, 2012

AMR Corp. reports $619 Million Loss in February

The parent of American Airlines reported a net loss of $619 million for the month of February and said it had reached deals with more aircraft owners to return planes or secure new financial terms.

The monthly report from AMR Corp. comes as the third-largest U.S. airline by traffic prepares arguments for a likely trial on its efforts to replace some of its existing labor contracts with fresh terms it said are essential for its survival.

The February net loss included $375 million in reorganization items, with the monthly operating deficit pegged at $186 million on revenue of $1.81 billion. The company reported an operating loss of $5 million in January and a $234 million net loss.

AMR's cash position improved during February. The company ended the month with $4.64 billion in cash and short-term investments compared with $4.04 billion at the end of January.

The company also said in a regulatory filing that discussions had advanced with aircraft owners and leasing companies, agreeing to fresh terms covering 136 planes. It has rejected leases on 40 jets and returned one, and also reached an agreement to return all 39 of its ATR turboprop planes by the end of 2013. 


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