American Airlines Group Inc (AAL)

[jolivi01]

How creditors & shareholders have fared in prevoius airline BKs?

A) Only one large BK airline since 2001 where existing equity holders received any recovery for shares

B) 71% of large BK airline since 2001 where unsecured creditors have received less than 10% recovery on claims

C) 26% average % recovery that unsecured creditors have received in their claims in cases filed since 2001

14 BKs airline cases since 2001
Unsecured creditors % recovery (taken from the debtors disclosure statements and represents the mid point of the expected range for general unsecured creditors)
(Year where BK case was initially filed)

TWA. 200. 1%
US airways. 2002. 1%
United. 2002. 6%
Hawaiian. 2003. 100%
US Airways. 2004. 7%
ATA. 2004. 1%
Aloha. 2004. 3%
Delta. 2005. 70%
Northwest. 2005. 74%
ATA. 2006. 1%
Frontier. 2008. 9%
Skybus. 2008. 78%
Mesa sur group 2010. 6%

Source: 2012, Restructuring Concepts LLC (you can google it)