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March 10, 2014

UPDATE: American received $381 million in cash for Reagan, LaGuardia slots

American Airlines CEO Doug Parker said the airline received $381 million in cash for its take-off and landing slots that it was required to divest at Washington D.C.'s Reagan National airport and New York LaGuardia airport.

Speaking at an investor conference in New York, Parker commented on the value of the slots that it had to sell that was disclosed as $425 million in a Department of Justice court filing made on Monday.

Parker said that it received $381 million in cash for 34 slots at LaGuardia and 86 slots at Reagan.

The carrier was already involved in a slot swap with JetBlue Airways who received 16 slots at Reagan in exchange for giving American 24 slots at New York's JFK airport in return. Parker said the DOJ included the slot swap in its $425 million valuation. 

"We're very pleased with the result," Parker said, saying the slots had been recently appraised at $225 million.

All of the transactions were scheduled to close on Monday, he said.

-Andrea Ahles

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