第2名：AMR航空

????交易代碼: AMR

????年初至今股票表現(xiàn): -92%

????市值: 2.20億美元

????財富500強(qiáng)排名: 118

????若論表現(xiàn)差的話，恐怕沒有比破產(chǎn)更糟的了。

????由于市場份額向競爭對手聯(lián)合大陸航空（United Continental）和達(dá)美航空公司（Delta Airlines）流失，美國航空公司（American Airlines）的母公司AMR 11月份提交了Chapter 11破產(chǎn)申請。達(dá)美航空此前已經(jīng)在破產(chǎn)法庭完成了重組。

????AMR新任命的首席執(zhí)行官托馬斯?霍頓稱，公司曾竭力避免破產(chǎn)。但他補(bǔ)充說，成本壓力已變得“難以承受”。

????除了處于競爭劣勢，美國航空還面臨燃油價格上漲、商務(wù)乘客流失和工會談判嚴(yán)峻等挑戰(zhàn)。

????雖然美國航空2006年時還是全球最大的航空公司。但鑒于經(jīng)濟(jì)前景黯淡，晨星公司（Morningstar）分析師巴斯利?阿魯克斯認(rèn)為，即使該公司能從破產(chǎn)中重新站起來，也不太可能持續(xù)運(yùn)營下去。

????阿魯克斯在一份研究報告中寫道，美國航空具有業(yè)內(nèi)“最高的成本結(jié)構(gòu)”，他提到了低成本競爭對手的崛起，以及由于美國航空的機(jī)組機(jī)齡漸老，員工生產(chǎn)率和飛行小時數(shù)都在下降。

AMR

????Ticker: AMR

????YTD stock performance: -92%

????Market cap: $220 million

????Fortune 500 rank: 118

????When it comes to poor performance, it's hard to top bankruptcy.

????American Airlines parent AMR filed for Chapter 11 in November, after losing ground to competitors United Continental and Delta Airlines, which had already restructured in bankruptcy court.

????Thomas Horton, the airline's newly appointed CEO, said American had tried to avoid bankruptcy. But the cost pressures had become "untenable," he added.

????In addition to being at a competitive disadvantage, American was hurt by increased fuel prices, a loss of business travel customers and tough labor union negotiations.

????American had been the world's largest airline as recently as 2006. But given the darkening economic outlook, the airline is not likely to survive as a `going concern' even after emerging from bankruptcy, according to Morningstar analyst Basilli Alukos.

????American has the industry's "most exorbitant cost structure," Alukos wrote in a research report, citing the rise of low cost competitors, as well as declines in workforce productivity and flight hours due the company's aging fleet.