The scary part is moving AAdvantage Miles as a separate company off shore.
Banks buy those miles and hand them out to credit card users who use and forget to use those miles. It’s a real money maker, pre-selling inventory. If AA can tread water and service the interest the pre selling will continue.
I can’t find any charts to show outstanding miles in circulation vs available inventory in any one year. I do see it as a back door way for the sharks to run debt up higher and cash out.
The largest creditor will be the public with miles they can’t use.