When AMR asked the bankruptcy court for an extra 15 days to file its reorganization plan, Gimme Credit bond analyst Vicki Bryan viewed it as "AMR management's stubborn refusal to step aside."
Bryan has been a harsh critic of AMR chief executive Tom Horton and the rest of American Airlines' management team since before the carrier entered bankruptcy in late 2011. She has also argued that a merger with US Airways makes the most sense for AMR investors and bond holders.
In a note to investors on Friday, Bryan took AMR's management to task for what she viewed as obstruction.
"AMR management has been coming off as more arrogant than confident, in our view, with destructive diversions and posturing that almost has boarded on the ridiculous. From CEO Tom Horton's "revelation" back in July that the merger with US Airways actually was his idea in the first place (oh really? If so, he apparently couldn't pull it off. See our note on 7/25/12) to the unveiling last week of expensive (and unappealing) corporate rebranding and garish new livery on planes that most likely will be owned by somebody else soon," she wrote in the note.