Business Services Industry
AMR's Debt-Laden Purchase of TWA Could Prove Less a Hindrance in Time.
Knight Ridder/Tribune Business News, August, 2003
By Eric Torbenson, The Dallas Morning News Knight Ridder/Tribune Business News
Aug. 3--When AMR Corp. bought the remnants of Trans World Airlines Inc., no one could have predicted that the deal would become the scapegoat for AMR's financial woes.
The $742 million acquisition announced in January 2001 was perceived as a masterstroke.
Thirty-two months and a maelstrom of industry woes later, it's been called a "colossal blunder" by critics such as Steven Baumert, an American Airlines Inc. flight attendant who tracks the carrier's parent company and publishes a monthly AMR report.
And analysts such as Sam Buttrick at UBS said AMR wouldn't have gotten into its "mess" had it stayed away from TWA, which others said was doomed...
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