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American Airlines CEO quells US bankruptcy talk, says demand improving

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American Airlines Group Inc's is not considering a Chapter 11 bankruptcy filing, Chief Executive Doug Parker said at a conference on Wednesday, and shot down speculation that a major U.S. carrier could disappear due to the coronavirus pandemic.

FILE PHOTO: CEO of American Airlines Doug Parker at a golf tournament in Pebble Beach, California February 11, 2016. REUTERS/Michael Fiala/File Photo

28 May 2020 02:50AM
(Updated: 28 May 2020 03:10AM)

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REUTERS: American Airlines Group Inc's is not considering a Chapter 11 bankruptcy filing, Chief Executive Doug Parker said at a conference on Wednesday, and shot down speculation that a major U.S. carrier could disappear due to the coronavirus pandemic.

"Bankruptcy is failure. We're not going to do that," Parker said, adding: "I don't think you'll see any airline go by the wayside as a result of this crisis."

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However, the U.S. airline industry is expected to be 10per cent to 20per cent smaller in the summer of 2021, Parker said, and its recovery would depend on how passenger demand and revenues evolve.

Earlier this month, Boeing Co Chief Executive Dave Calhoun told NBC he thought that a major U.S. carrier could go out of business in the fall, when government payroll aid for airlines will expire.

Global airlines are suffering an unprecedented downturn as the coronavirus pandemic has brought airRead More – Source