03 Oct '11, 10pm

American Airlines stock sinks on bankruptcy fears

American Airlines stock sinks on bankruptcy fears

NEW YORK: Rumours that American Airlines parent AMR Corp would file for bankruptcy protection sent the company's stocks plummeting on Monday. The company said there was no concrete news behind the rumours, but also said that a court-guided restructuring "is certainly not our goal or our preference." At the closing the stock was down 33.1 percent at $1.98, as the airline, continued to struggle with a high debt load and sluggish demand growth, according to analysts. The sharp fall had triggered automatic trade halts designed to kick in in times of extreme volatility. Morningstar analyst Basili Alukos said the selling comes after an "abnormal" number of pilot retirements in the past two months, with the pilots seeking to sell off their own stocks in the company out of fears it would fail. "There is a lot of speculation that they were trying to sell their shares as fast as the...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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