1:19 PM
MrDebtBuster
An "exclusitivity period" is the period of time in which a company has the exclusive rights to file a reorganizational plan. AMR filed for Chapter 11 Bankruptcy protection in November of 2011, and seeking an extension which would take their "exclusitiviety period" to September of 2012.
Reports indicated that was not a surprise and the announcenment came just one day after the Fort Worth, Texas-based company proposed to freeze pensions for many of its workers, retreating from a proposal to terminate them.
"The relief requested will allow American to continue focusing on preserving and enhancing going concern values and restructuring American's financial condition and operations," AMR said in a filing with the U.S. bankruptcy court in Manhattan.
A March 22 hearing on the request has been scheduled.
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