FORT WORTH, Texas (12/1/11)--Although its primary sponsor has filed for Chapter 11 bankruptcy, American Airlines FCU, with $5.9 billion in assets, is reassuring its members that the credit union is "well capitalized and financially strong."
The parent company of American Airlines, AMR Corp., followed a strategy that its rivals took earlier in the decade: filing for bankruptcy to rid itself of debt and reduce labor costs (New York Times Nov. 30).
"While we share the same name, and AMR is our largest partner company, our financial statements and decision-making capacity remain independent," American Airlines FCU said in a message on its website.
The credit union said it has "a very diversified membership" due to its "once-a-member, always-a-member" policy.
Less than one third of the credit union's members are AMR employees, according to the credit union.
"We stand ready to assist our members with their individual financial situations," American Airlines FCU said on its website.
AMR competitors Delta Air Lines and United Air Lines have emerged from bankruptcy more profitable after reorganizations, said the The New York Times.