On one hand, the Transport Workers Union hired one of the nation’s top investment banking firms to represent it in the bankruptcy case of American’s parent, AMR Corp.
The downside of the day’s developments was the deficiency in American’s quarterly pension payments due on Jan. 15, federal and company officials said.
American contributed only $6.5 million of the $100 million it was scheduled to pay into the company’s four pension plans this week, officials said.
A company spokesman said AMR was preserving cash in its bankruptcy reorganization.
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