1. DIRE STRAITS

    American Airlines Files for Bankruptcy

    Tony Gutierrez / AP Photo

    American Airlines’ parent company, AMR Corp., filed Tuesday for Chapter 11 bankruptcy. With this move, all the major U.S. airlines have now restructured under Chapter 11. American was always the most resistant to Chapter 11, but came around to a bankruptcy filing after failing to agree to money-saving labor agreements and struggling against a series of industry mergers that knocked it from the world’s largest airline to just the third largest in the U.S. According to The Dallas Morning News, CEO and chairman Gerard Arpey will step down and be replaced by the company’s president, Tom Horton.

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