Andrew Harrer | Bloomberg | Getty Pictures
The Fort Price, Texas-based service mentioned that it goals to wipe out its money burn by the top of the 12 months.
American reiterated a forecast that it nonetheless sees income within the second quarter down 90% from a 12 months in the past, when it posted gross sales of near $12 billion. The airline final week mentioned it plans to add more flights, notably for the home market as some demand returned.
Regardless of the rise in demand, the variety of folks passing by way of checkpoints at U.S. airports is down 81% from a 12 months in the past, in keeping with the Transportation Safety Administration.
American has utilized for a $4.75 billion federal mortgage underneath the CARES Act and mentioned Friday that it plans to pledge a bit of its AAdvantage frequent flyer program as collateral. It mentioned AAdvantage is estimated to be price between $19.5 billion and $31.5 billion.
American’s shares are down near 42% thus far this 12 months.