American Airlines receives USD2.9bn in immediate payroll support

American Airlines Group announced (22-Apr-2020) the receipt of USD2.9 billion in financial support from the US Treasury under the CARES Act. The remainder of the USD5.8 billion in funding to which American is entitled to receive from the Treasury will be disbursed in three installments from May-2020 to Jul-2020. As compensation to the US Government for financial aid received under the Payroll Support Program agreement, the group has issued a promissory note to the Treasury, whereby it promises to repay a total principal sum of approximately USD1.7 billion. American Airlines Group has also agreed to issue warrants to the Treasury for the purchase of up to 13.7 million shares of common stock at USD12.51 per share. [more - original PR]