According to Fox Business American Airlines has filed for Chapter 11 Bankruptcy protection. This was the only airliner that hadn't filed for bankruptcy in the last 10 years and as such was apparently working with higher operating costs than the others due mostly to personnel and pension costs.
No services will be affected during the restructuring according to the incoming CEO Thomas Horton. If you had a flight reserved, I guess that means you still have a flight. Which would be a good thing.