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American Airlines Sells $1bn of Frequent Flyer Miles to Citigroup

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  • Anonymous
    Guest
    17 Sep 2009
    at 21:26
    #430854

    VintageKrug
    Participant

    What an extraordinary deal; makes you see how FF miles are becoming almost a currency in themselves:

    http://news.bbc.co.uk/2/hi/business/8261227.stm

    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.

    17 Sep 2009
    at 21:26
    #430855

    theavidtraveller
    Participant

    If I’m not mistaken, Air Canada’s Aeroplan is also an independant entity now as well

    17 Sep 2009
    at 21:50
    #430856

    Discovery-Bay
    Participant

    Extraordinary yes – but there is a connection to the thread about JAL.
    AA may use some of this money for a defensive shareholding in JAL.

    17 Sep 2009
    at 23:59
    #430857
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