UPDATED 09/20/12 10:20 a.m.

CHICAGO (CBS) — American Airlines pilots will be holding an informational picket at O’Hare International Airport Thursday afternoon, in the midst of an ongoing labor dispute.

As CBS 2’s Kris Habermehl reports, the airline has been plagued with labor issues since it filed for bankruptcy in January. Some potential layoff notices went out to maintenance workers on Wednesday, and now, the pilots are also upset.

The pilots, represented by the Allied Pilots Association, say American was given the green light by the bankruptcy court to throw out the collective bargaining agreement with the pilots. The union says the pilots’ working conditions, compensation and retirement security are now in jeopardy.

American Airlines canceled about 300 flights in advance to avoid passenger disruptions during the dispute with the pilots.

In response to the picket, the airline said in a statement: “We respect the right of our unions and their members to voice their opinions. As we continue to progress through the challenges of the restructuring process and implement the cost-saving changes we need, our goal remains to reach a consensual agreement with our pilots. We are resolute in our efforts to put American Airlines in a position to win and create new opportunities and a brighter future for our people.”

The picket will be held between 3 and 5 p.m. Thursday outside American Terminals 2 and 3.