(FORT WORTH, Texas) -- Soon after 2012 rolls around, shares of American Airlines will no longer be traded on the floor of the New York Stock Exchange.
The carrier's parent company, AMR Corporation, announced Thursday that the stock will be delisted before the market opens next Thursday, Jan. 5. The stock exchange told AMR it was taking action after the average closing price of the company's stock dropped under $1 for 30 straight days.
AMR's delisting comes after it filed for Chapter 11 bankruptcy protection last month, "in order to achieve a cost and debt structure that is competitive in the airline industry."
Copyright 2011 ABC News Radio