Commercialization of Organ Transplants Essay Example | Topics and Well Written Essays - 750 words

Commercialization of Organ Transplants - Essay Example This report manages to identify the main arguments for and against commercialization of body organs. The arguments for commercialization this paper identifies are, the need to save people’s lives through increased supply of the organs, and the need to find a body organ that is compatible with that of the patient. Arguments against commercialization that this paper identifies are, it leads to emergence of criminal activities like murder, and can lead to the health failures of the donor. From this report, we can learn that it is unethical to commercialize organ donation. This report uses the utilitarian perspective in justifying why organ donation is unethical. Utilitarian theory is concerned with the end results of an action, if the results can lead to happiness, then the action is justified. Commercialization of body organs does not lead to happiness, and therefore it is unethical. Commercialization of an individual’s body organ will most definitely lead to the loss of ethics, and integrity within the society. This report makes a conclusion that commercialization of an individual’s body organ can lead to the emergence of health risks to the person donating the organ. This is because people who are not fit to provide a donation of their body organ may be motivated by money, and thus donate their organs. Due to this inappropriate donation, the person selling his or her body organs might die due to health failures that occur as a result of the donation they made. On this basis, the government must regulate on who qualifies to donate their body organs. ... This is because people who are not fit to provide a donation of their body organ may be motivated by money, and thus donate their organs (Egendorf, 2009). Due to this inappropriate donation, the person selling his or her body organs might die due to health failures that occur as a result of the donation they made. On this basis, the government must regulate on who qualifies to donate their body organs. Commercialization of an individual’s body organ will most definitely lead to the loss of ethics, and integrity within the society. This is because people might coerce mentally unstable individuals to sale their body organs (Egendorf, 2009). This is because they are viewed as vulnerable, and easy to manipulate. It might also increase the rate of crime within a society. This is because criminals might resort to killing their victims, for purposes of removing their body organs for sale. There can also be a coercion and extortion of patients who are on the verge of death. This is in regard to selling their body organs, to other patients who need it (Wo?hlke, 2011). Medical practitioners can pressurize the patient to sale his or her body organs because they are dying and they won’t need them. But the money might be used to carter for their families. This is unethical practice in acquiring body organs for transplantation. My Position in regard to commercialization of human body organs: It is morally wrong and unethical to commercialize the donation of human body organs. This is because people will seek to sale their body organs, irrespective of their health abilities to make such a donation. Commercializing the sale of body organs will also lead to the rise of criminal

Describe the methods used to calculate value added. How does value Essay - 2

Describe the methods used to calculate value added. How does value added contribute towards understanding the connections betwe - Essay Example Labor expenses also include all the salaries that are given in the form of cash to each and every employee of the organization2. All the outflows of cash in form of cash, assets, materials and wages are inculcated in labor expenses. The rest of the labor expenses include the extra money that is given by the organization if the employees are working on over time or in the form of extra working hours. This is necessary because each hand every hour that they are spending on the organization is also in turn being proved to be productive for the overall organizational perspective. The second component refers to all the capital generated in the form of cash or other items, this capital is the result of all work force and all the investments that are exhausted in the work machinery for generate the capital for the profit of the company. The result of the sum of both the factors yield something that can give a competitor’s advantage to an organization as value added has an alluring ef fect of giving performance more than expected. Value added includes those results, services or usage of the products that are beyond expectations of a client in the positive sense and this also increase the overall value of the services and goodwill of the company among the customers to increase revenue generation.3 A very important and mostly deployed method to calculate economic value added is as follows Economic value added = Current performance – base performance The current performance is the economic value added figures that will be used from the time period that is most recent or in which we are interested to calculate the value added. The company’s figures for all the years are written in tabular format and then a base line is selected. The base line refers to the standard year or time period from which the economic value added of the most recent time period will be compared. The comparison is mostly done in the form of ration and then it is calculated that wha t the current economic value of the company is. If the current performance is high then automatically then resultant factor will be high and we will say that the company us improving in the terms of value added services. If the resultant factor is zero then it means that there is no progress but there is no loss as well. The company should pay heed to cut the sunk costs in this case because the EVA must rise with every time period in order to gain profit and produce productive results. If the EVA factor is negative then this means that there is a serious problem in value added services of the company and there should be revision in policies to decrease the loss of the values of the products. The other method to calculate value added is to estimate the current overall costs that are being dissipated and squandered in the production of the products. After the careful estimation of costs, different measures must be taken in order to minimize the costs so that they overall production st eps cannot be effected badly for example the administration of a company can cut off the extra charges of transportation or they can reduce the work force from their company by introducing different automated system in their work environment. This will reduce the extra costs from the working environments and these extra costs can be taken into account for the production of

Hofstedes framework Essay Example | Topics and Well Written Essays - 250 words

Hofstedes framework - Essay Example Ineffective management of productivity, on the other hand, deters productivity.The theory thus provides for effective ways of managing cultural diversity thus influencing the formation of an effective cross-cultural communication that will enhance the interaction in organizations. Culture is an important social feature that influences individual values; this implies that cultural conflicts are likely to result in the conflict of values a feature that will definitely affect the productivity at the workplace. In developing effective cross-cultural communication, Hofstede vouchers for an understanding of the cultural differences. A manager must understand the differences thereby understanding the differences in the values. This way, it becomes easier to appreciate and acknowledge cultural differences thus influencing the development of effective and considerate communication channels in the organization. Human resource managers must always strive to develop cohesive workforces that func tion seamlessly. Creating such a workforce requires the acknowledgment of the cultural differences since they influence the difference in the individual values. This way, the managers can readily discourage the manifestation of the negative personality features that may arise from the cultural differences. With such an in-depth understanding of the cultural differences, Hofstede asserts that it becomes possible for managers to barn particular behaviors while encouraging positive interpersonal skills that enhance productivity.

Assessing The Capacity Planning For Bmw Business Essay

Assessing The Capacity Planning For Bmw Business Essay First of all, capacity refers to the upper limit or ceiling on the load that an operating unit can handle. And the load might be number of physical units produced or number of service produced. (Stevenson, 2009).According to Eng. Abdel Moniem shehata, he said that capacity is always something to manage. He added that capacity planning is not necessary to be time consuming or expensive. And any company will use the capacity planning depending on its tools and resources. According to BMW, the Company owns workers, machines, tools, engineering and materials and etc, and they have to use all this resources to maximize productivity and take full advantage of it to reach high capacity. When Mr. Abdel Moniem shehata was asked about the importance of capacity decisions towards BMW he said that the more capacity the more profit the company will gain and the expenses will be decreased as BMW involves manufacturing so it is important to set a capacity planning because the source of income of BMW comes from selling cars. However, Capacity is important because it deliver benefits and profits much more than what was expected. Mr. Abdel Moniem shehata said that capacity is very important as it affect and have impact on BMW as a Company and its cars. It also affects competitiveness and he said that he thinks that the most near competitors to BMW are Mercedes and Volkswagen as the three brands are Germany and the factories are located near to each other. On the other hand, the firm that has more capacity will have an advantage of delivery speed. He added that capacity decision affects the Operating costs by helping in minimizing operating cost. There are two different ways to measure capacity which are design capacity and effective capacity. The design capacity is the output rate while the effective capacity is the design capacity minus allowances. According to BMW Eng. Abdel Moniem shehata says about the ways BMW use to measure capacity, that at the beginning of any business a Feasibility study is very important to start with and study it very proper and ensure that it is right to reach the profit which the company needs. Afterward things that is essential for production comes after like machines, inventories, workers, engineering, and equipment all these kind of resources which will help in achieving high capacity. Then the budget of the production is putted which consists of income and outcome. Income like assets and expenses while outcome like revenue and profit that is received. Mainly BMW measures capacity by multiplying the number of machines or workers with the number of shift, with utilization and with efficiency. According to the determinants of effective capacity there are factors that influence capacity. The design of BMW is important including the shape and the size. Also the design can have influence on capacity. According to BMW it is important to produce cars with the same range other than different ones. He added that quality of the car is an important part in the determinants of effective capacity. As by increasing quality the capacity will increase as well. And other external factors like safety, purchasing decisions and inventory stocking decision, all these factors have a great impact on capacity. Any company or organization has a capacity formulation bases its capacity strategy on assumptions and prediction. Strategy formulation consists of 3 primary stages which are leading, following and tracking. Leading helps in building capacity in a hope of future demand increases. While following start building capacity when demand increases current capacity. Finally tracking keeps capacity to keep demand increase (Stevenson, 2009). However, BMW can measure the success of its new process by tracking how long it takes for one car to be built from the very beginning until its all done. If vehicles take different of times to be built then it is a sign of uneven flow of materials to the production line. Another way is looking at the number of vehicles that are returned for warranty work. This measurement looks at the final product. If suppliers are hurried to complete orders, they might reduce the quality of the products that they are supplying to BMW. Once those low quality parts are used in the manufacturing of a new car, the customer will find it unsatisfying and it will be returned back to be corrected. The capacity planning is done by the general manager and other people that are responsible for the materials and engineering as well. There are six steps of capacity planning. The first step is to Estimate the future capacity requirements, the second step is to evaluate existing capacity, the third step is identify alternatives, the fourth step is to conduct financial analysis, the fifth step is to assess key qualities issues, while the six step is to implement alternative chosen, finally, the six step is to monitor results.(Stevenson, 2009). But Eng. Abdel El Moneim said that BMW makes the capacity planning in 3 simple steps. The first step is determining service level requirements; as they categorize the work done by systems and quantify customers expectations for how those works get done. The second step is to analyze the current capacity which is important to analyze it to see how it is meeting customers needs. The third step is planning for the future, by forecasting BMWs future business activity and determining it. However, Implementing is important as it ensure that the available capacity will be enough even if any changes happened if the future. Finally, when coming to the evaluation of the capacity planning at BMW Mr. Abdel Moniem shehata said that Evaluations carried out to learn lessons that can be used to improve ongoing or future capacity planning efforts are of potentially greater value. Unfortunately, improvement-oriented evaluations are seldom carried out. This is a serious shortcoming of evaluation practice, since capacity-development efforts involve a great deal of experimentation, and managers need to know the results in order to sharpen or reformulate objectives and reorient their activities in appropriate ways. In conclusion, for any company to achieve a successful planning capacity is to set goals and define objectives.   The company must also ensure that the planning process is carefully recognized.   And if the company found any mistake in the plan or the plan is not working, it doesnt mean that the organization has to start the planning from the beginning but only to correct or improve the parts which include the mistake. BMW creates their capacity planning at least once a year and sometime every six months. Reference Page: Trading eBook. (2010). , AL: Scribd. Retrieved May 3, 2011, from http://www.scribd.com/doc/36253765/bmw-case. kern, H. (2008). , AL: Tech Republic. Retrieved May 3, 2011, from http://www.techrepublic.com/blog/10things/10-ways-to-build-a-solid-capacity-planning-effort/370 (2010). , AL: Carzy. Retrieved May 6, 2011, from http://carzy.co.in/blog/car-news/bmw-india-expand-capacity-8000-units-early-2011.html/

Essay --

It should be necessary to provide hydrogen in an enormous amount at a great price. However, it is possible to accept if hydrogen is produced without CO2 emission because CO2 elimination is energy demanding and costly process related with environment problem, such as greenhouse effect. Unfortunately, currently conventional process of hydrogen production is the steam reforming process which has highly CO2 emission. Currently, approximately 48 % of hydrogen derives from natural gas by steam reforming process, 30 % from oil reforming in the chemical manufacturing and 18 % from coal gasification.3 It replies that 96 % of the hydrogen production derives from fossil associated with a huge amount of CO2 emission. Only 4 % of hydrogen production is come from water electrolysis.4 It also expected that hydrogen production without CO2 technologies are the great wish for the future of a sustainable hydrogen economy. Zero CO2 emissions are possible when the raw materials are from renewable source such as bio-gas. For instance, water electrolysis with renewable electricity and thermo-chemical cycle processes using renewable heat are the representative hydrogen production without CO2 emission.5, 6 However, the cost of hydrogen production using renewable processes is currently prohibitive cost. Thus, a changeover to a hydrogen economy would probably start with hydrogen produced from fossil fuels, especially natural gas (NG). Steam reforming of natural gas process is the most efficient and generally used process for the hydrogen production in commercial field.7 Steam reforming process is basically the transformation of methane and water to hydrogen gas and carbon oxides, and has two main reactions, as shown in Fig. X:7 Synthesis gas genera... ...ches have a catalyst deactivation problem related with the carbon, which come from methane decomposition, can be covered on the catalyst surface. Therefore, it needs the burning process17 or gasifying with steam18 for removing carbon on the catalyst surface. However, gasification or combustion of carbon residues on the catalyst surface causes to produce a huge amount of CO2 as byproduct. So, there have been researched the concurrent production of hydrogen and nanostructured carbon by Ni-and Fe- catalyst for decomposition of methane.19, 20 Also, another group reported the possibility of using carbon materials as catalyst for thermal decomposition.21, 22 They reported carbon catalyst is an environment-friendly method to the production of hydrogen and carbon. Carbon is precious byproduct of the thermal-catalytic process. It could reduce the cost of hydrogen production.

Carandiru - Movie Overview Essay examples -- essays research papers

Carandiru The adaptation of Carandiru Station, a best-seller by Drauzio Varella, Carandiru proposes diving into the heart of SÃ £o Paulo's prison, the largest in Latin America with approximately 7,000 prisoners with a capacity for 4,500. Guided by a humanist doctor (the author) who has an affection for the prisoners, the audience shares in the daily life of the condemned before the massacre perpetrated on October 2, 1992 by the police force following a riot. The film opens with a settling of scores by Ebony, a prisoner in charge of the kitchens. While the director quickly arrives on the spot, Ebony doesn't let go of the reins of the situation. He's understood: in Carandiru, the voices of management and prisoners rise in a choir and vibrate in diapason, in order to maintain a balance and precarious order, essential for the place to function well. The armed sentinels carrying out their rounds along the ramparts, always discrete, only represent only the last resort in case of outbursts. What's immediately striking about Babenco's film is the details used to account for the tacit rules laid down in this place of imprisonment. Killers, robbers and rapists seem to cohabit by enacting their own rules, often transpositions of the law of the street, with its codes, duties, rights and punishments. Between the walls of the various wards, one witnesses the everyday life of a city totally apart, with its neighborhoods, trades, residences. No cell is closed: the impression...

Background of American Airlines

American Airlines is the world's largest airline. American, American Eagle and the AmericanConnection ® airlines serve 250 cities in over 40 countries with more than 4,000 daily flights. The combined network fleet numbers more than 1,000 aircraft. American's award-winning Web site, AA. com, provides users with easy access to check and book fares, plus personalized news, information and travel offers.American Airlines is a founding member of the oneworld ® Alliance, which brings together some of the best and biggest names in the airline business, enabling them to offer their customers more services and benefits than any airline can provide on its own. Together, its members serve more than 600 destinations in over 135 countries and territories. American Airlines, Inc. and American Eagle Airlines, Inc. are subsidiaries of AMR Corporation.Based on People’s Daily online dated Tuesday, April 10, 2001, American Airlines became the world's largest air carrier and grounded a venera ble competitor after acquiring the assets of bankrupt Trans World Airlines. Based on SKYTRAX which operates the Star Rating system for the world airline industry, having introduced the programme in 2000, American Airlines is a 3-Star Airline. Star Grading awarded to airlines supplying a fair quality performance that conforms to an industry â€Å"average† – when assessing all areas of competitive ranking.3 Star ranking signifies a satisfactory standard of core Product across most travel categories – but may reflect less consistent standards of Staff Service / Product delivery either Onboard or in the Airport environments. Vision, Mission, Goals and Values of the Company Vision: Customer Commitment American Airlines is in business to provide safe, dependable, and friendly air transportation to our customers, along with numerous related services. We are dedicated to making every flight you take with us something special. Mission and Goals:At American Airlines, we: †¢ Evaluate products and services on their merits, giving fair and impartial consideration to all suppliers †¢ Award contracts based on the highest quality and best delivery combined with the most competitive cost to the corporation †¢ Review constantly the performance of our suppliers and contractors to enhance their ability to provide products and services that exceed industry standards †¢ Assure inclusion of minority and women-owned companies in procurement and construction opportunities across American Airlines. VALUES :The Company is committed to maintaining the highest standards of business ethics and complying with both the letter and the spirit of the law in everything that we do and in every country in which we do business. Doing so will also maintain the hard-earned respect that we have established over the years with our customers. Consequently, employees are prohibited from participating in or condoning illegal or unethical activity. Remember that ill egal acts by employees can cost the company millions of dollars in fines, and the penalties for corporations convicted of federal crimes are severe.And employees who violate the company’s ethical standards will be subject to disciplinary action up to and including termination. To ensure compliance with this company policy, we have adopted these Standards of Business Conduct for all employees. These Standards also apply to all agents, consultants, contractors, and others when they are representing or acting for the company. We expect our vendors and suppliers to be guided by these principles. We have developed a Business Ethics & Compliance Program to educate you about the laws that affect our business and to provide the necessary channels to seek advice and report possible misconduct.(www. aa. com) Quality Goods and Services Marketed in the Global Economy American Airlines sources the best quality products and services to provide to our customers. Aside from their flight, car , hotel, vacation package and cruise reservations, they also have the following services and products: -Net SAAver and Special Offers -Fare Sales -Special Offers (Bonus Miles and Percentage and Great Savings) – RSS Service Really Simple Syndication is a technology for sharing and distributing the latest web content such as fares, news, and offers.It's an easy way to receive up-to-date information without having to search the Internet. -Last Minute Packages Bookings -Email Subscription Service – AAdvatage Service The AAdvantage ® program is American's travel awards program. It was the original travel awards program, established more than 20 years ago, and today is the world's largest program. -Admiral Club Membership There are some people that are impossible to shop for and for them, there's the Admirals Club ® membership or the Admirals Club One-Day Pass. It's thoughtful, inspired, and a gift that they will not only use, but enjoy as well.-Offer Gift Card -Trip Ins urance Offer Purchasing a flight shouldn't trigger undue stress. When customers purchase Trip Insurance through Access America, they can receive a refund for the pre-paid, non-refundable portion of they travel costs should your trip be cancelled or interrupted for a covered reason. – The AmericanAirlines Credit Card (no annual fee) -TrAAvel Perks ® program which is a travel club with some fantastic member benefits. —- Business ExtrAA program which offers more variety, more choice and more flexibility than any other airline incentive program for businesses.-Corporate Booking American Airlines is leading the way in providing practical, cost-efficient solutions for managing corporate travel booking with CorporateAAccess. comSM. They have designed a functional, easy-to-use online booking product at the request of many corporate customers, one that brings the best of business travel planning together in one web site. – The AmericanAirlines AAirpass program protects the customers against fare changes and helps them manage their travel by providing prepaid unrestricted air travel at a fixed rate – all while they enjoy VIP privileges and benefits.With this, they can travel anytime, even at a moment's notice, to any of the more than 250 worldwide destinations served by American Airlines, American Eagle ®, and AmericanConnection ®, including the U. S. , Canada, Europe, Japan, the Caribbean, Central and South America, and Mexico. -Incentive Programs AmericanAirlines Incentive Travel ® products support all of their promotional objectives from acquiring new customers to instilling consumer loyalty to rewarding employee performance. Destinations and Routes of American AirlinesAmerican Airlines fly in 10 major destinations including Africa, Asia, Australia/ New Zealand, Carribean, Central America, Europe, Eurasia, Middle East, North and South America. Its worldwide destinations include Dallas/ Forth Worth, India-Delhi, Ireland- Dublin and Shannon, Japan-Tokyo, Norfolk- Virgina and Shanghai, China. Shares Of AMR Common Stock Based on the Corporate Press Release, AMR Corporation allows 4. 5 percent Senior Convertible Notes due 2024 have become convertible into shares of AMR common stock.As provided in the indenture under which the Notes were issued, the Notes have become convertible because the sale price of AMR’s common stock for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended Dec. 31, 2006, was greater than 120 percent of the conversion price per share of AMR common stock. The Notes are convertible into common stock at the conversion rate specified in, and otherwise in accordance with the terms of, the Notes and the indenture under which the Notes were issued, and they will remain convertible for so long as they are outstanding.Financial Profitability of the Company for the Past Three Years According to AP Associate Press, AMR Cor poration reported that they loss $387 Million in the fourth quarter of 2004, or $2. 40 per share. This compares to last year's fourth quarter loss of $111 million, or $0. 70 per share. For the year, AMR posted a net loss of $761 million, compared to 2003's loss of $1. 2 billion. Fourth quarter 2004 special items totaled a net gain of $86 million, or $0. 54 per share, and primarily included a $146 million gain on the sale of American's interest in Orbitz, $42 million in severance charges, and $21 million in aircraft charges.Despite its profit loss, I can still affirm to the fact that the company is financially profitable. According to AP Associate Press dated July 19, 2006, American Airlines’ profit rise sharply. It ahs been further reported that a sharply higher profit for the second quarter, helped by full airplanes and higher fares at the start of the peak summer travel season. AMR said it earned $291 million, or $1. 14 per share, in the three months ended June 30, up from $58 million, or 30 cents a share, a year ago. Revenue rose 12. 5 percent to $5. 98 billion from $5.31 billion a year ago and slightly higher than the $5. 93 billion that analysts had expected. AMR increased its cash and short-term investments to more than $5. 1 billion, excluding restricted balances. The buildup is a legacy of the company’s brush with bankruptcy in 2003. The above facts by AP Associate Press only proved the financial profitability of the company. Hedging Technique and Stategic Plans The company used a â€Å"classic† sort of hedge. It is also known in the industry as a â€Å"pairs trade† due to the trading on a pair of related securities.American Airlines oneworld is a hedging strategy wherein they made partnership with the seven of the world's leading airlines – Aer Lingus (through March 31, 2007), British Airways, Cathay Pacific Airways, Finnair, Iberia, LAN1 and Qantas Airways. The investors of American Airlines become more sophisticate d of using various models. These strategies protect the company in currency fluctuation and it look for a spread between market value and theoretical or â€Å"true† value, and attempt to extract profits when the values converge.AA has also a Customer Service Plan which is one of their strategic moves. This Customer Service Plan addresses a number of the service goals they have defined. This plan includes lowest fare availability, baggage delivery, baggage liability, guaranteed fares, ticket refunds, accommodation of customers with special needs, essential customer needs during extraordinary delays, etc. They are constantly reevaluating their customer service goals, and they intend to update this Customer Service Plan when appropriate.Every customer is important to American Airlines and American Eagle. The customer’s safety, comfort, and convenience are their most important concerns. Human Resource Management American Airlines supports the communities they serve through out the world, bringing people together and providing opportunities for economic improvement†¦making American a good neighbor. They are committed to diversity. With diversity comes opportunities for success which are good for their employees, their customers, communities, and ultimately their business.They also do more than state our commitment to diversity. Their commitment is displayed in numerous ways and frequently sets the standard for other companies. Human Resource Management and Employee Resource Groups are an important part of AMR's efforts to foster an inclusive work environment. Through their Human Resource Management and Employee Resource Groups, they have created opportunities for employees to have a voice in business, support each other and share their unique perspectives, cultures and experiences with employees.Issues of Employees Regarding Their Compensation: Based on USA Today dated June 22, 2004, officers of American Airlines, along with union leaders and empl oyees from all work groups rallied against the company regarding pension reform. The company, on behalf of its 80,000 employees and together with its unions, also placed a full-page ad in USA Today. The ad thanks Congress for doing their part to support pension reform legislation that â€Å"makes funding employee pensions more affordable and more flexible — without the transfer of these obligations to the government.† Citing a reduction of $4 billion in annual operating costs through operational and efficiency improvements and changes to wages, benefits and work rules, the ad also underscores that American Airlines, its employees and its unions have made sacrifices and are â€Å"working together† to do their part to ensure a profitable company in order to improve shareholder returns, build financial stability and â€Å"help maintain our defined benefit pension plans. † Commitment Towards DiversityAmerican Airlines proudly support and encourage employee in volvement in any of their Employee Resource Groups such as African-American Employee Resource Group, Asian Cultural Association, Caribbean Employees, Christian Resource Group, Employees with Disabilities, Gay, Lesbian, Transgender and Bisexual Employees, Indian Employees, Jewish Resource Group, Latin Employee Resource Group, Muslim Resource Group, Native American Employee Resource Group, Women in AAviation, Work and Family Balance, 40 Plus/Senior Employees.They value a just and fair treatment of their employees in overseas or wherever parts of the world. Plans for Expansion Based on Corporate Press Release dated March 30, 2007, AMR Corp. , the parent company of American Airlines, Inc. , provides an update on actions taken in the first quarter of 2007 as part of its ongoing efforts to strengthen its balance sheet and build a stronger financial foundation.AMR said that American Airlines has paid in full the $285 million principal balance of its senior secured revolving credit facility , which had been fully drawn since its establishment in December 2004. AMR’s $444 million term loan facility remains outstanding. The Company said that the revolving credit facility may be redrawn, subject to certain conditions, and repaid from time to time depending on various factors, such as economic and industry conditions and the Company’s financial condition. AMR anticipates ending the first quarter of 2007 with approximately $5.8 billion in cash and short-term investments, including a restricted balance of nearly $500 million, compared to a cash and short-term investment balance of $4. 8 billion, including a restricted balance of $510 million, in the first quarter of 2006. AMR also said that it expects to complete by mid-April the refinancing of $350 million in municipal bonds that originally were issued in 1990 to help fund the development of American’s Alliance Maintenance and Engineering Base in Fort Worth, Texas .The closing of the transaction is subj ect to certain government approvals. The refinanced bonds, to be issued by AllianceAirport Authority, Inc. , will have a blended interest rate of 5. 46 percent, down from a rate of 7. 5 percent in the current bonds, and a final maturity of Dec. 1, 2029. AMR estimates that by paying down the revolving credit facility balance, prepaying the aircraft debt and refinancing the maintenance facility bonds, as described above, it will eliminate approximately $15 million of its annual net interest expense.Other examples of AMR’s balance sheet improvement include: †¢ AMR has raised more than $1. 1 billion through three equity issuances in the past 17 months, including the sale of 13 million new shares in January that raised approximately $500 million. †¢ AMR reduced its total debt, which includes the principal amount of airport facility tax-exempt bonds and the present value of aircraft operating lease obligations, to $18.4 billion at the end of the fourth quarter of 2006, co mpared to $20. 1 billion a year earlier. The Company expects to end the first quarter of 2007 with total debt of approximately $17. 6 billion. †¢ AMR reduced its net debt, which is defined as total debt less unrestricted cash and short-term investments, from $16. 3 billion at the end of 2005 to $13. 6 billion at the end of 2006. The Company expects to end the first quarter of 2007 with net debt of approximately $12. 3 billion.