Reuters reported that AMR Corp, the bankrupt parent of American Airlines, is working feverishly to renegotiate aircraft leases; a move that could result in hundreds of millions of dollars of savings for the bankrupt airline which filed
for Chapter 11 on November 29, 2011.
 
According to the report, AMR has until January 27 to inform a court about its lease plans, thanks to a bankruptcy statute giving a company 60 days to make decisions on such deals. American will need to have a working plan for which
leases it wants to keep, alter or reject.  Bankrupt companies can reject leases on aircraft and engines or renegotiate leases with lower rates.
 
The report states that lease holders are eager to preserve the lease contracts signed during better economic times and are sure to balk when faced with the prospects of accepting lower lease rates or AMR's rejection of outdated and unwanted airplanes.

As reported by Reuters, aircraft and equipment leases amount to roughly a third of AMR's roughly $30 billion in liabilities.  AMR has about 900 planes. Of those, 219 airplanes are leased by 22 third parties, according to Ascend worldwide, which provides data on aerospace businesses.
 
GE Capital Aviation Services has the largest number of AMR airplanes with at least 60. Boeing Capital manages contracts on 38, Ascend Worldwide said.  GECAS said it does not expect to be hurt by lease renegotiations with AMR according to the report.