American Airlines mortgaging planes to raise money = = = = Thursday July 3, 5:37 PM EDT = WASHINGTON, July 3 (Reuters) - American Airlines, the world's largest air= line which narrowly avoided bankruptcy this spring, is mortgaging some of= its last available aircraft assets to raise $254 million. American, a unit of AMR Corp. (AMR), told the Securities and Exchange Com= mission in a filing on Wednesday it would leverage seven Boeing Co. (BA) = planes -- three 737s, three 777s and a 767. With this transaction, American told the government it has mortgaged virt= ually all of its eligible aircraft. "While we have other unencumbered assets that could be encumbered or sold= , our ability to borrow on or sell those assets on acceptable terms is un= certain, and in any event those assets may not maintain their current mar= ket value," the company said in its filing. American said on Tuesday it received $180 million in cash and a $39 milli= on promissory note for its equity stake in Worldspan LP, the computer res= ervations system it owned with two rivals that has now been sold. Last week, American reported a positive May cash flow, which bolstered it= s turnaround strategy and eased bankruptcy fears. Shares of AMR rose 8 cents, or 0.8 percent, on Thursday to close at $10.1= 3 on the New York Stock Exchange. = =A92003 Reuters Limited. = Roger EWROPS