• by Nina Lentini  @Nina_Lentini, November 29, 2011

American Airlines' parent company, AMR Corp., announced Tuesday that it has filed for Chapter 11 bankruptcy, CNN is reporting this morning.

"The decision comes as the airline tries to 'achieve a cost and debt structure that is industry competitive and thereby assure its long-term viability and ability to continue delivering a world-class travel experience for its customers,'" CNN quoted the company as saying in a statement.

AMR said American Airlines, American Eagle and all other subsidiaries will honor all tickets and reservations and operate normal flight schedules during the bankruptcy filing process, using its $4.1 billion in cash, the news outlet said.