Monday, August 25, 2008
AMR Corp. agrees to sell up to $300 million in common stock
Dallas Business Journal
AMR Corp., the parent company of American Airlines Inc., said Friday the company has entered into an agreement to sell $300 million in shares of common stock, with a par value of $1.00 per share.
Fort Worth-based AMR (NYSE: AMR) says Merrill Lynch will serve as agent on the transaction and will be responsible for selling the shares “from time to time,” the company asserted in a press statement.
Shares of AMR fell 3 percent, to $10.20, in early trading Monday. The company is worth roughly $2.6 billion based on its stock price, which has fallen nearly 60 percent in the past 12 months. AMR says it could use proceeds from the sale of stock to pay down debt or to buy new aircraft.
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