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

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  • Anonymous
    Guest

    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.


    theavidtraveller
    Participant

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


    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.

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