Shares in AMR Corp, parent of American Airlines, closed down 33% yesterday as fears spread the airline was facing bankruptcy. The company has denied rumours it is seeking bankruptcy protection but the poor results posted by the airline and the high debt load it is carrying means it will take more than reassurances to calm investors. Of all the legacy US carriers, American Airlines is the only one not to have filed for Chapter 11 bankruptcy protection in the past ten years and given its high labour costs there are suggestions voluntarily filing would allow the airline to restructure its

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