The parent company of bankrupt American Airlines announced it was looking to cut thousands of jobs as part of a cost cutting plan it said was needed to compete with rival airlines. The news came as Frontier Airlines said it was ready to move its headquarters back to Denver, Colorado.

American Airlines' parent company, AMR, detailed part of an overall cost cutting measure that it said would eliminate as many as 13,000 positions and terminate employee pension plans, according to Reuters.

"As you know, our major competitors have used the restructuring process to overhaul their companies and become more competitive in every aspect of their business," AMR Chief Executive Tom Horton said in a letter to employees. "All work groups will have total costs reduced by 20 percent, including management," Horton added.

Meanwhile in Denver, Frontier Airlines said it will "reconnect with the community" by bringing back more jobs to the area when it bases its senior management team at the company's new headquarters in the city, the Denver Post reported.

Hundreds of jobs were lost in the area when Frontier was bought out by Indianapolis-based Republic in 2009. Maintenance and most of Frontier's administrative jobs will remain in Illinois.

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