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ForexTV NewsDesk | December 30 2011 11:33 EST
ForexTV.com (New York) by Dylan Tulic
AMR Corporation, the parent of American Airlines, announced on Friday that their shares will be removed from trading on the New York Stock Exchange, which has deemed the shares “no longer suitable” after they closed below $1 for 30 straight trading days. The company has said that it will not oppose the move.
The last major airline to do so in recent times, AMR filed for Chapter 11 bankruptcy protection on November 29 after suffering a combined $11 billion in losses over the past decade. The move will allow the company to renegotiate labor contracts and reduce its debt load, which the company hopes will allow it to emerge as a stronger, albeit smaller, company.
While significant, the move comes as no surprise. The shares of Delta Air Lines, Northwest Airlines, US Airways, and UAL Corporation, the parent company of United Airlines, were all temporary delisted following their respective bankruptcy filings over the past 10 years.
The shares are expected to be delisted by the start of trading on Thursday, January 5 and will subsequently begin trading on pink-sheets and the over-the-counter bulletin board under a new symbol. AMR has said that American Airlines, as well as regional carrier American Eagle, which it also owns, will continue to operate normally through the bankruptcy process.
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