Bankruptcy Q Players

[mrholty]

Wow was I wrong. Its a very intersting BK for AMR in that there is no DIP financing as it will be self financed. It also appears that the board and not Arpey pushed this evidenced by his firing.

It also doesn't appear to simply be a way to get concessions (mostly around the pilots) but this will help in it as the union will not want their pension to go to the gov't PBGC.

I completely mistook the agressiveness that AMR wanted to play with its A/C lenders. My take was that due to the age of their fleet and the fact that they owned a lot of these older planes there would not be a lot to gain in filing bk to shed these assets via a leasor.