NEW YORK >> American Airlines on Tuesday made its most forceful case yet to terminate its labor contracts as the company’s top restructuring official laid out the airline’s bleak finances in bankruptcy court.

In a precise, deliberate manner, Beverly Goulet, American’s vice president for corporate development and treasurer, told the U.S. Bankruptcy Court that the carrier had lost just under $1.1 billion in 2011 and that it needed to save $1.25 billion a year in labor costs in the next six years — $990 million a year of that from the company’s three unions.

By cutting costs, getting more flexible work rules to fly regional jets and expanding its domestic flight offerings through code-sharing with other airlines, Goulet said, “we believe that the business plan will generate $1 billion of incremental revenues” annually.

“The goal, obviously, is to emerge from bankruptcy (with) sustainability … liquidity and a balance sheet that allows us to invest in the business,” Goulet said. Tom Horton, CEO of American Airlines’ parent company AMR Corp., appointed Goulet last year to address what American called its “substantial cost disadvantage” to rival carriers.

The Fort Worth, Texas-based carrier, which entered bankruptcy in November, is seeking U.S. Bankruptcy Judge Sean Lane’s approval to terminate its contracts with pilots, flight attendants and transport workers.

The proceeding, which began Monday with the airline making its case to restructure with a management plan, requires American and labor unions to continue negotiations under the rules of the Railway Labor Act, which applies to airlines as well as railroads. The unions will pre­sent their case the week of May 14, and a ruling is expected by June 6.

The prospect of a takeover of American by US Airways Group Inc. hangs over the hearing since the unions have come to a preliminary understanding with the Arizona-based carrier on contract terms for a merged company.

The judge, however, has given American the exclusive right through the end of September to come up with a plan with labor to emerge from bankruptcy.

Goulet testified that before the bankruptcy filing, Horton had said “that he believes consolidation has been good for the industry and might well have a role as we move forward.” But she acknowledged that the company had not considered a merger as part of its plan to emerge from bankruptcy.

The unions see the possibility of a US Airways takeover as a solution that wouldn’t cause the kinds of cuts in pay and benefits proposed by American.

On Monday hundreds of flight attendants and transport workers staged a demonstration in front of the courthouse to protest the company’s move to terminate contracts and to support a US Airways takeover.

Allied Pilots Association President Dave Bates, who is attending the hearing, said outside the courtroom that US Airways “plans to submit an alternative reorganization plan” to American — a move he supports because “a stand-alone plan is not viable in the long term.”

Bates said that he was assured by US Airways CEO Doug Parker and President J. Scott Kirby that if a merger happens, the combined company’s corporate headquarters would remain in Fort Worth, and the new, larger carrier would keep the American Airlines brand.

“I’m trying to keep the best options for the airline, my members and the community,” Bates said.

But American Senior Vice President Jeff Brundage said Monday evening that the idea of a merger “is a creation of (US Airways) and the unions. It’s not real.”

Bates, in response, said, “It’s very real.”