LOS ANGELES (CBS) — American Airlines and its affiliate, American Eagle, are filing for Chapter 11 bankruptcy protection.

American, which is responsible for nearly 15 percent of passenger traffic at Los Angeles International Airport, is hoping to cut both
costs and debts to remain competitive.

It was the only major airline that did not file for bankruptcy after the 9/11 terrorist attacks.

American, which operates its West Coast hub at LAX, says it will operate normal flight schedules and honor tickets and reservations as usual.