AA has stated that is will be using the value of the AAdvantage program as collateral for the government loans it will be receiving. Value now stated at $18B to $30B.
From:
https://www.forbes.com/sites/willhor.../#294f9eeb78f8
" “The AAdvantage program is considered collateral for the government debt,” CFO Derek Kerr told the Wolfe Global Transportation Conference.AAdvantage can more than cover the loan.
“We have an appraised value of that program anywhere from $18 billion to $30 billion,” Kerr said. After using AAdvantage for the government loan, American intends “to have the capabilities to do other things with that.” '
It's good to know all those miles we have banked are actually worth something
