How Long Does a Chapter 11 Bankruptcy Proceeding Take?
November 29th marks the one-year anniversary of American Airlines’ Chapter 11 bankruptcy filing. This has been the largest ever bankruptcy proceeding of a U.S. airline, and over 12 months the company has undergone various steps as part of its restructuring.
For a large company like American, the bankruptcy process is extensive and involves many moving parts. The company had to consider how to best allocate its time and effort; what areas get a piece of an already tight budget? They also needed to work with unions and worker pensions and contracts alongside the guidelines and goals set up during their bankruptcy and enforced by their unsecured creditors.