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Plan to issue debt canceled

Tuesday, Aug. 5, 2003 | 9:37 a.m.

FORT WORTH, Texas -- AMR Corp., the parent of American Airlines, canceled a plan to raise $250 million by issuing new debt, saying it doesn't need the cash immediately.

AMR stock fell more than 10 percent Monday after the company announced the debt offering, which would have allowed institutional investors to convert the notes to stock. The company canceled the offering late Monday, and the shares rebounded this morning, gaining 56 cents, or 7 percent, to $8.60 each on the New York Stock Exchange.

AMR had planned to use the money for working capital and general purposes. The company said last month it had $2.4 billion in cash, up from $1.8 billion at the end of March.

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