FORT WORTH (dpa-AFX) - AAR Corp. (AIR) announced that it expects negligible financial impact as a result of the Chapter 11 bankruptcy filing of American Airlines and its parent company, AMR Corp.(AMR).
The Company said that its aggregate accounts receivable exposure to American Airlines is less than $500,000 and current sales to American Airlines account for less than one half of one percent of the Company's annual sales.
Earlier today, AMR said that the company and certain of its U.S. subsidiaries, including American Airlines and American Eagle, have filed for Chapter 11 bankruptcy protection in a New York court.
AMR had said it has not considered or anticipated the need for debtor-in-possession as it has about $4.1 billion in unrestricted cash and short-term investments. AMR listed assets of about $24.72 billion and liabilities of $29.55 billion in Chapter 11 papers filed today in the U.S. Bankruptcy Court for the Southern District of New York.
Copyright RTT News/dpa-AFX
