NEW YORK (AP) - The stock price of American Airlines parent company AMR Corp. is down 35 percent on concerns that the company could be headed for bankruptcy protection.
The stock was off $1.04, to $1.92 per share. Shares have not closed below $2 since 2003. A major airline trade group says the industry may be headed for a downturn. Many analysts say that American Airlines is in the most vulnerable financial position of major U.S. carriers.
American is paying higher labor and financing costs than other major carriers. It's also the only major airline to lose money this year. American Airlines is the only major airline that has not filed for bankruptcy protection in the last decade
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