AA CEO warns of takeover attempts

“Internal discord will not serve us well,” he cautions

Tom Horton, chairman, president and CEO of American Airlines, has said in a letter to employees that the Chapter 11 bankruptcy process will be “tough”. He wrote to the airline’s 80,000 employees that “regrettably, we will most certainly end the process with fewer people than we have today.” The airline “will undoubtedly need to ground some planes and resize our network before we can turn the corner and grow again.”
He also wrote that “outside parties […] may try to knock us off our path. Some will say we should shrink the company dramatically, close hubs and lay off thousands more to create the greatest value for creditors. Some will say the company should be sold or broken up. And as we’ve seen before in this industry, there may be opportunists who wish to acquire our company while we are in this situation. […] Internal discord will not serve us well.”
ATW
[photo courtesy oneworld]