Gov. Fallin: American Airlines' independence best for Oklahoma
BY D.R. STEWART World Staff Writer
Saturday, April 14, 2012
4/14/12 at 5:14 AM
See previous stories about American Airlines and its Tulsa operations.
Gov. Mary Fallin said Friday the best outcome for Oklahoma from American Airlines' bankruptcy would be for the company to restructure and emerge from Chapter 11 as an independent company.
"Questions have risen recently about what the best outcome of the bankruptcy process may be for Oklahoma, including the possibility of a hostile takeover of the company," Fallin said. "I want to make this clear: for Oklahoma's sake, there is no question that the best outcome for our state and its workforce is for American to rapidly and successfully exit from bankruptcy in control of its own destiny. A hostile takeover would create delay and an uncertain future for workers and their families.
"American Airlines has developed a business plan built upon growth and on retaining thousands of jobs in Oklahoma."
American has proposed to cut at least 2,100 mechanics at its Maintenance & Engineering Center, which employs 6,000 mechanics and 7,000 people overall, as part of its restructuring, U.S. Bankruptcy Court documents show.
AMR Corp., American's parent, wants to cut 13,000 jobs, reduce labor costs by $1.25 billion a year, slash $750 million in other costs and increase revenue by $1 billion a year to emerge from bankruptcy and compete successfully in the airline industry.
Original Print Headline: Fallin: AA takeover wouldn't be ideal
D.R. Stewart 918-581-8451