NEW YORK: American Airlines Group Inc is in advanced talks to hire Guggenheim Securities co-chairman James Millstein for advice on tapping a US$50 billion industry relief package available from the U.S. Treasury Department to cope with the coronavirus pandemic, people familiar with the matter said.
Were Millstein to be hired, he would be advising American Airlines on the form and terms of aid it should pursue and how to navigate the U.S. Treasury Department's process for requesting the financial assistance, the sources said. Advice given to the Fort Worth, Texas-based company would be done in his own capacity, independent of Guggenheim, the sources added.
The company disclosed this month it had access to more than US$7.3 billion of liquidity. Its long-term debt as of the end of December totaled about US$23.9 billion. Millstein, a former Lazard Ltd banker, has worked on bankruptcies and other challenges facing many U.S. conglomerates over the last two decades, including representing unionized workers in labor negotiations with General Motors Co and other automakers.
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