American Airlines has struck a series of financing accords with General Electric and Citigroup that will free $2.9bn in cash to help the company weather a slump in air-travel demand and shore up investor confidence.

Shares of the carrier cased in Fort Worth, Texas, soared by more than 23 per cent on Thursday’s announcement, which comes as it vies with rival Delta Air Lines for the hand of Japan Airlines. Both US companies have offered to invest in JAL as part of a broader transpacific venture with the debt-laden carrier, which is under pressure from Japan’s government to stem losses.