On November 29, 2011 AMR Corporation (the parent corporation of American Airlines) filed for Chapter 11 bankruptcy protection with $4 billion of cash. The move was made to “achieve a cost and debt structure that is industry competitive and thereby assure its long-term viability”. American Airlines stated that despite the filing it was continuing normal operations. AA was the last of the remaining so-called ‘legacy airlines’ in the US to file for bankruptcy, and the last to take advantage of weak Chapter 11 legislation.
On February 1, 2012, Thomas W. Horton (who replaced former Chairman and CEO Gerard Arpey) announced that they would be cutting 13,000 jobs and restructuring pension benefits, after losing $884M in the first nine months of 2011 and $904M in December 2011 alone.
A group of social media activists that call themselves You Can’t Steal My Happy (that, on the surface, seem to be profiteering from the company misfortune by selling t-shirts and mugs) have vented their frustration at the company by way of a YouTube video entitled, “American Airlines YAAY“, or Why American Airlines Why?, set to the music and theme of the Village People’s Y.M.C.A.
The video description reads:
This video is a tribute to all the hard working people who have been wronged by corporate greed. The song YAAY (Why American Airlines Why?) is our fun and creative way of expressing our frustration with corporate greed. This is a wake up call middle class, start asking WHY?!?
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