Originally published on Tue July 17, 2012 6:30 am
Imagine going into bankruptcy with billions of dollars in cash still in your bank account. That's what American Airlines did last November. The thinking was that management would gut the company's pensions and union contracts and emerge from bankruptcy ready to compete.
But then US Airways said it could take over American and be profitable, and it wouldn't have to hurt American's employees nearly as bad in the process. American's pilots, mechanics and flight attendants loved that idea.
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