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During the last year, AMR completed the majority of its financial restructuring, including reducing debt, renegotiating aircraft leases and facilities agreements, grounding older airplanes, rationalizing the regional fleet and renegotiating supplier relationships. After much work and compromise, we also have Court approval to move forward with implementation plans for all of our employee groups. We have completed restructuring plans for our independent employees guided by their input, and redesigned our management team to significantly reduce costs. We expect all of these actions to continue to improve our cost structure in 2013.
We've seen strong evidence that our restructuring approach is working, as demonstrated by real improvements in our revenues and performance. Our focus now is to provide customers the industry's best fleet, strongest network and superior service—ambitious goals the people of American Airlines are prepared to meet.
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