Prowling through the bankruptcy papers filed by American Airlines last month makes for an interesting read, especially when you get to the bit about the company owning a five-bedroom town house in one of London’s most exclusive districts.
It sits in Cottesmore Gardens, one of Britain’s most expensive addresses, in the heart of ritzy Kensington neighborhood.
Property firm Zoopla puts the average price for homes in the area at £6.6 million ($10.2 million).
It was bought back in the 1990s, when the company didn’t have $30 billion of liabilities to its name.
It is an awkward revelation to come out of the firm’s Chapter 11 filing. The Transport Workers Union of America, already incensed that the airline filed for bankruptcy despite “sitting on $4.1 billion in cash,” sees it as an unnecessary luxury in these trying economic times.
The company said it would review its ownership of the house and its other real estate as part of its Chapter 11 reorganization.
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