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American Airlines Parent to Raise $254.9 Million with Aircraft as Collateral.
Knight Ridder/Tribune Business News, July, 2003
By Eric Torbenson, The Dallas Morning News Knight Ridder/Tribune Business News
Jul. 3--AMR Corp., parent of Fort Worth-based American Airlines Inc., intends to raise $254.9 million in cash in a deal involving the value of seven of its aircraft.
The financing, revealed Wednesday in a filing with the Securities and Exchange Commission, will add to AMR's cash cushion as it reorganizes operations and struggles to become profitable. AMR's lenders have demanded that the company keep $1 billion in unrestricted cash on hand to stay within guidelines of its loan agreements.
An American spokesman confirmed the transaction, but referred ...uestions to an official with Citigroup, which is handling the transaction. Citigroup didn't return a call...
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