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| American Airlines raises $2.9bn | American Airlines raises $2.9bn |
| (31 minutes later) | |
| AMR, the parent of American Airlines, has raised $2.9bn (£1.8bn) of new financing to help it through the global downturn in air travel. | AMR, the parent of American Airlines, has raised $2.9bn (£1.8bn) of new financing to help it through the global downturn in air travel. |
| The group said $1bn of the total came from advanced sales of frequent flyer miles to Citigroup bank. | The group said $1bn of the total came from advanced sales of frequent flyer miles to Citigroup bank. |
| A further $1.6bn came from a sale and leaseback arrangement with General Electric's aviation division for planes it had already ordered. | A further $1.6bn came from a sale and leaseback arrangement with General Electric's aviation division for planes it had already ordered. |
| The airline also said it would add capacity at key US airports. | The airline also said it would add capacity at key US airports. |
| Citigroup has effectively bought air miles in advance with which it can reward its customers when they use the bank's credit cards. | |
| "Today's announcement positions our company well to face today's industry challenges and allows us to remain focused on the future and on returning to profitability," said AMR chairman Gerard Arpey. | "Today's announcement positions our company well to face today's industry challenges and allows us to remain focused on the future and on returning to profitability," said AMR chairman Gerard Arpey. |
| Reports also suggest that American Airlines is in discussions with Japan Airlines about taking a stake in the troubled Japanese carrier. | Reports also suggest that American Airlines is in discussions with Japan Airlines about taking a stake in the troubled Japanese carrier. |