Reuters: Mergers News: AMR posts $807 million loss in March

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

AMR posts $807 million loss in March Apr 30th 2012, 20:40 April 30 | Mon Apr 30, 2012 4:40pm EDT April 30 (Reuters) - AMR Corp, the bankrupt parent of American Airlines, posted a net loss of $807 million for March and said it spent more than $2 billion on fuel, wages and other expenses. The company spent $779 million on fuel and $597 million on wages, salaries and benefits, it said in its monthly operating report filed with the SEC. Total operating expenses amounted to $2.10 billion, while operating revenue totaled $2.20 billion for March. AMR ended the month with $4.82 billion in cash and short-term investments. The company filed for Chapter 11 protection last year, saying its labor costs are higher than rivals that used bankruptcy previously to restructure. AMR is trying to convince its bankruptcy court to let it void labor deals it has with unions that do not willing give the concessions the airline says it needs to survive. The company has said it needs to trim its costs by $2 billion a year. Earlier this month, labor groups at American Airlines said they support a potential merger with rival US Airways Group Inc in a deal they say would save more jobs than a plan by parent AMR Corp to reorganize as a stand-alone carrier.

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