82.6 F
Fort Worth
Thursday, July 16, 2020
Home Aviation American Airlines stock falls on news it looks to add liquidity

American Airlines stock falls on news it looks to add liquidity

American Airlines Group Inc. (AAL) stock fell 5.6% Monday, June 22 on news that the company plans to raise $3.5 billion including $1.5 billion from selling stock and debt that can be converted to stock.

Airlines have been scrambling to raise cash to survive a sharp drop in travel. Alaska Airlines said Monday that June revenue will be down about 80% from a year ago, though that’s better than April’s 87% decline and May’s 83% drop. Alaska Airlines’ shares recovered from an early slide and were up 0.7%.s seeking another $3.5 billion in loans as it looks for liquidity during the current pandemic.

 

Goldman Sachs & Co. LLC, Citigroup, BofA Securities and J.P. Morgan are acting as the joint active book-runners and as representatives of the underwriters for the Common Stock Offering and the Convertible Notes Offering from American.