American Airline's parent company, AMR, filed for chapter 11 bankruptcy today, and has also replaced its CEO.

AMR reported that American Airlines and all other subsidiaries, including regional airline American Eagle, will honor tickets and reservations and operate normal flight schedules during the bankruptcy filing. American's frequent-flier program will also not be affected, but restructuring will reduce the overall number of flights.

American was once the largest U.S. carrier, but is now third behind United and Delta, according to the Associated Press, which also points out that American probably hopes filing for bankruptcy will cut labor costs, in addition to relieving debt caused by the high price of fuel.

Newly instated CEO, Thomas Horton said in an interview with CNN that the airline's customers should see "business as usual." He added that the cost disadvantage for American compared to other major U.S. carriers that have already gone through bankruptcy, left the company no choice. American's announcement today leaves Southwest as the only major U.S. airline to have not filed for bankruptcy since 9/11, according to CNN.

In our survey, Best & Worst Airlines, American came in seventh out of 10 Rated airlines—10 being the worst. Ratings reflected respondents' overall satisfaction with round-trip flights, full Ratings are available to subscribers.

Other recent news for American Airlines:
First fine for tarmac waits levied at regional affiliate of American Airlines
American and Southwest try to block websites tracking frequent-flyer miles, and Court orders American Airlines flights back on Orbitz

American Airlines files for bankruptcy protection [Associated Press]
American Airlines files for bankruptcy [CNNMoney]