American Airlines Files for Bankruptcy

Bianna Golodryga explains why the airline giant decided to restructure finances.
0:54 | 11/29/11

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Transcript for American Airlines Files for Bankruptcy
Big news in the -- this again breaking within the hour George word comes that American Airlines and its parent company files for bankruptcy. Jamie we can anchor beyond ability to back with -- here with more so be out of what exactly does this mean for passengers well -- we should preface it is by saying it is not expected to affect passengers. American says it is operating normal flight schedules honoring tickets and reservations as usual and making normal refunds. The airline and its parent company AMR which includes American Eagle say they're voluntarily filing for Chapter Eleven. To reorganize and become more competitive. Of the airline has struggled recently failing to reach a cost cutting labor agreement. -- -- standing alone after recent murders in the industry including last year's United Continental merger. Now there will be a -- to the top of the company American CEO a long time facing the industry is now retiring. And all the recent murders -- American Airlines it used to be the world's largest airline Josh now it's number three.

This transcript has been automatically generated and may not be 100% accurate.

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