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MarketScreener Homepage  >  Equities  >  Nasdaq  >  American Airlines Group Inc.    AAL

AMERICAN AIRLINES GROUP INC.

(AAL)
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American Airlines : Treasury chief backs $20 billion for U.S. airlines payroll

12/02/2020 | 12:37pm EST
Oversight of Treasury Department's and Federal Reserve's Pandemic Response hearing in Washington

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Wednesday he backs another $20 billion in additional government payroll support for U.S. airlines.

"I think that would be very meaningful in terms of employment and saving the industry," Mnuchin said at a House hearing. A bipartisan proposal released Tuesday called for $17 billion in payroll support for airlines to extend the program for four months.

In October, American Airlines and United Airlines furloughed more than 32,000 workers after a prior $25 billion payroll assistance program expired.

Airlines spent months seeking a new bailout and have won overwhelming support in the U.S. Congress, but lawmakers have been reluctant to support airlines, while other transportation modes like transit, buses, and rail railroad Amtrak are also seeking emergency aid.

The Treasury separately offered $25 billion in loans to airlines; to date it has approved more than $21 billion in loans, including $7.5 billion for both American and United.

Mnuchin also said he backed aid for the struggling private motorcoach industry. The bipartisan proposal released Tuesday would extend $8 billion to bus companies.

(Reporting by David Shepardson; Editing by Sandra Maler)

By David Shepardson


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. -4.14% 15.76 Delayed Quote.-0.06%
UNITED CONTINENTAL HOLDINGS, INC. -5.18% 43.89 Delayed Quote.1.48%
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Financials (USD)
Sales 2020 17 185 M - -
Net income 2020 -9 408 M - -
Net Debt 2020 32 875 M - -
P/E ratio 2020 -0,81x
Yield 2020 0,57%
Capitalization 8 623 M 8 623 M -
EV / Sales 2020 2,41x
EV / Sales 2021 1,62x
Nbr of Employees 110 500
Free-Float 99,1%
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Mean consensus UNDERPERFORM
Number of Analysts 21
Average target price 11,89 $
Last Close Price 15,76 $
Spread / Highest target 71,3%
Spread / Average Target -24,6%
Spread / Lowest Target -93,7%
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Managers and Directors
NameTitle
William Douglas Parker Chairman & Chief Executive Officer
Robert D. Isom President
David G. Seymour Senior Vice President-Operations
Derek J. Kerr Chief Financial & Accounting Officer, Executive VP
Maya Leibman Chief Information Officer & Executive VP