American Airlines parent AMR Corp. has unveiled its plan of action to save $2 billion in annual costs by cutting 13,000 jobs, terminating pension plans and cutting health benefits for retirees and workers. The moves would reduce the airline's workforce by 15% and save $1.25 billion in annual labor costs, the company says. The plan will need to pass approval with the U.S. Bankruptcy Court and the company's three big labor unions, which have made clear their opposition.

Related Summaries