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.