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NBCDFW.com:

As American Airlines' bankruptcy flies into uncharted territory, the carrier’s three largest unions have been appointed to a key creditors committee, giving employees a voice in deciding who ends up winners and losers as the company rebuilds itself.

The Allied Pilots Association, the Association of Professional Flight Attendants and the Transport Workers Union were appointed to the creditors committee by the U.S. Trustee – part of the Justice Department which monitors bankruptcies. The committee represents unsecured creditors, those who stand to lose the most because their debts are not backed up by collateral.

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Dallas bankruptcy attorney Mark Ralston said employees will certainly “take a hit” in the bankruptcy process -- with everything from pensions to contract and even flight benefits up in the air.

And for others owed money, there are no guarantees, Ralston said.

"I've seen in other airline cases where the unsecured creditors don't get paid in any cash,” he said. “They get, basically, stock in the new airline. So there's going to be a reorganized American Airlines out there, and all the unsecured creditors might get paid in shares."

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Taber Estes Thorne & Carr Attorney Mark Ralston in NBCDFW.com story

http://www.nbcdfw.com/news/business/135072263.html

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