AMR CFO: Our Bankruptcy Is 'Most Efficient' of Any Airline's
During the year, American reported labor cost reductions of 17%, including management, independent and unionized work groups. It renegotiated financing for more than 400 aircraft, for more than 95% of its 725 facility leases and for more than 9,000 vendor and supplier agreements. Fourth-quarter cost savings related to restructuring totaled about $400 million, the company said.
"We've been able to reach the vast majority of our restructuring milestones," Goren said.
When it filed for bankruptcy protection in November 2011, AMR said that it expected annual savings of $2 billion and annual revenue enhancements of $1 billion.
American ended the fourth quarter with about $4.7 billion in cash and short-term investments, the same amount as it reported at the end of 2011.