American Airlines seeks $3.5 bln in new financing

American Airlines said June 21 it plans to secure $3.5 billion dollars as it continues to grapple with travel limits over the global health crisis. In a statement, American said it plans to raise $1.5 billion by selling shares and debt to try and free up cash.

The world’s air travel industry has been bleeding money during the health crisis. U.S. authorities reported record low passenger numbers in April. But American announced earlier this month it would be ramping up flights for June and July and expects to stop burning cash by the end of the year. It says that will be thanks to a rise in travellers and its own efforts to cut costs. American and fellow U.S. airline Delta said last week a modest recovery in travel demand was already helping it to burn less cash this month.

https://news.yahoo.com/american-airlines-seeks-3-5-032016521.html