(Bloomberg) — American Airlines Group Inc. is in talks to take on billions of dollars in new debt amid a broad rush for cash by airlines, casinos and other companies with revenue hit by the coronavirus pandemic, according to people familiar with the matter.

The Fort Worth, Texas-based company is in discussions with banks on a multibillion-dollar 364-day secured term-loan facility, the people said, asking not to be identified because the negotiations are private.

A spokesperson for American declined to comment.

Rivals including Delta Air Lines Inc., United Airlines Holdings Inc. and Southwest Airlines Co. have shored up their balance sheets or are looking to do so as rattled customers cancel travel plans and governments impose restrictions to prevent the virus from spreading.

American’s stock has tumbled 44% this year on concerns about damage to its business. The company, like others, has dramatically cut its schedule during the crisis.

To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Mary Schlangenstein in Dallas at maryc.s@bloomberg.net

To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, David Scheer, Dan Reichl

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