AMR shares jumped 20 percent on news the American Airlines parent raised $2.9 billion in funding and announced plans to adjust its flight schedule.

The company also said it would sell aircraft as it contends with a sharp slide in travel. Debt now stands at $11 billion at the end of the second quarter from $19 billion in 2002.

AMR plans to add seven daily flights at JFK and two at LaGuardia by next summer.