3/25, 10:44 PM (Source: TeleTrader)
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American Airlines borrows $1 billion amid COVID-19 woes

American Airlines borrowed $1 billion in term loans under a credit facility originally entered into last week, a new Securities and Exchange Commission filing revealed on Wednesday.

The airline giant took out the $1 billion line of credit from Citibank on March 18, with $8.4 billion in "available liquidity" including $4.2 billion in unrestricted cash, the company announced at the time.

Airlines have been particularly hit by the coronavirus outbreak with slowing travel demand forcing many carriers to cut back on their flight capacity.

Breaking the News / GG