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Wilmington Trust Clarifies Role in American Airlines Parent Company Bankruptcy Filing

Dépèche transmise le 30 novembre 2011 par Business Wire

Wilmington Trust Clarifies Role in American Airlines Parent Company Bankruptcy Filing

WILMINGTON, Del.--(BUSINESS WIRE)--Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, publicly clarified that it is not a creditor to AMR Corporation (AMR), the parent company of American Airlines, which filed for Chapter 11 protection on Nov. 29, 2011, in the U.S. Bankruptcy Court for the Southern District of New York.

Some media news stories have incorrectly identified Wilmington Trust as a creditor. Wilmington Trust is not a lender to AMR. The bankruptcy filing of AMR poses no credit or investment risk to Wilmington Trust. In the AMR bankruptcy filing, Wilmington Trust serves multiple trustee roles representing various lenders and equity investors, but has no economic stake in AMR.

Wilmington Trust’s CCS business is a leading provider of trustee and other bankruptcy and corporate restructuring services, and has provided services that support several of the largest corporate bankruptcies in American history. Wilmington Trust has chaired the unsecured creditors’ committee of both the General Motors Corporation and Lehman Brothers Holdings, Inc. bankruptcy cases. Additionally, Wilmington Trust has served on the unsecured creditors’ committee in the Washington Mutual, Inc., WorldCom, Thornburg Mortgage, General Growth Properties, and Tribune Company bankruptcies, among others.

Most recently, Wilmington Trust’s CCS business was appointed by the U.S. Trustee to serve as a member of the unsecured creditors’ committee in the bankruptcy of MF Global Holdings LTD, which filed for Chapter 11 protection on Oct. 31, 2011, in the United States Bankruptcy Court for the Southern District of New York.

In addition to providing bankruptcy and restructuring services, CCS offers institutional trustee, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital markets financing structures, as well as those who seek to establish or maintain nexus, or legal residency, for special purpose entities. CCS is distinguished from many of its competitors by its status as a core business, the experience and expertise of its global staff, its multi-jurisdictional presence, and its reputation for superior service and execution.

Wilmington Trust provides Wealth Advisory Services for high-net-worth clients throughout the United States and Europe, and Corporate Client Services for institutional clients throughout the world. Wilmington Trust has offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Texas, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam. Wilmington Trust is owned by M&T Bank Corporation. For more information, visit www.wilmingtontrust.com or www.mtb.com/newsroom.