The parent of American Airlines filed for bankruptcy protection, an abrupt course change by the No. 3 U.S. airline that it said would help it cut costs and emerge as a more competitive carrier.

AMR Corp.’s filing Tuesday in New York makes it one of the last of the major U.S. airlines to seek bankruptcy protection. AMR has suffered losses of more than $10 billion since 2001 as the company has struggled to bring costs in line with rivals such as United Airlines and Delta Air Lines Inc., which have restructured under court protection and found merger partners.

via American Airlines Parent AMR Files for Chapter 11 Protection – WSJ.com.