American Airlines risks having to tap its $5 billion bankruptcy cash fund and probably will lose some passengers after on-time arrivals tumbled, cancellations surged and incorrectly installed seat clamps were found on six planes.

The operational obstacles add to questions about whether American, the third-biggest U.S. airline, can successfully emerge from bankruptcy protection on its own or should merge with would-be suitor US Airways Group Inc., said James Corridore, a Standard & Poor’s equity analyst in New York.

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