AMR To Continue Frequent Flier Program With Citibank

Law360, New York (June 3, 2013, 6:53 PM EDT) -- AMR Corp. on Monday agreed to retain a frequent flier credit card program with Citibank NA and pay related fees, prompting the bank to withdraw its objection to the airline’s disclosure statement.

Citibank said in a court filing last week that in September 2009 it advanced $1 billion to the American Airlines Inc. parent to prepurchase AAdvantage miles, secured by collateral worth $2.58 billion. It said if AMR rejected those prior agreements, Citibank would have a multibillion-dollar secured claim that was “virtually certain to materially alter...
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