Interesting piece here, worth a look.
http://www.forbes.com/home/2003/03/12/cx_vc_0312future.html
Things are indeed tough.
AC shares hit a 52 week low today.
http://www.cbc.ca/stories/2003/03/12/aircan030312
From an AC communique to employees:
"ATA report predicts war with Iraq will widen airline losses. According to a report released yesterday by the Air Transport Association, a war in Iraq plus a major terrorist attack would cause the largest U.S. airlines to lose $13 billion US and could collapse the whole industry. The ATA also claims that the U.S. airline industry could be forced into nationalization and that war could lead to 70,000 to 100,000 more job cuts. Also yesterday, Standard & Poor's said it will remove American Airlines parent AMR Corp. from its index of 500 large companies. The news came on a day when investors sold the carrier's stock to a 52-year low amid reports the company is arranging bankruptcy financing. American first raised the possibility of seeking bankruptcy protection last month, when it asked employees for $1.8 billion US in concessions, a major piece of the company's restructuring plan."
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Forbes.com - future of business travel