Word: northwest
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Dates: during 1980-1989
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...takeover may help inflame growing U.S. anxiety about foreign investment in American companies. Last week the U.S. Department of Transportation persuaded Alfred Checchi, who led a $3.6 billion buyout of Northwest Airlines, to reduce the participation by KLM Royal Dutch Airlines in the deal from $400 million to $175 million. DOT officials said they would also scrutinize plans by British Airways to invest $750 million in the $6.8 billion employee purchase of United Airlines. Transportation officials said one concern is that foreign investors might share inside knowledge about U.S. airlines with their own governments, thus undercutting U.S. negotiations with other...
Publishing executive David Cohen, who had produced similar books on the U.S. and on the Soviet Union with Rick Smolan, dispatched 90 photographers throughout China one day last spring. Months of planning went into the project, which was sponsored by Eastman Kodak, Nikon, Northwest Airlines, BankAmerica, Holiday Inn and Federal Express. Says TIME picture editor Michele Stephenson, who helped supervise the project in Beijing: "As fate would have it, A Day in the Life of China captured a portrait of this sprawling nation hours before the beginning of the student revolt...
...Beverly Hills billionaire Marvin Davis, who had bid $6.19 billion for UAL, said he would match the management group's offer if that package were to fail. In Washington a takeover group headed by Los Angeles investor Alfred Checchi outlined its $3.65 billion purchase of NWA, the parent of Northwest Airlines, in a voluminous filing with the Department of Transportation, which is reviewing the deal...
Airline executives firmly deny that a debt-heavy buyout would affect their maintenance practices. "There sure as hell won't be any scrimping on maintenance here," says United's O'Gorman. "Our rule is that time and cost are not considerations when maintaining airlines." At Northwest, which paid a $650,000 fine to the FAA last month after a 1988 inspection turned up a list of maintenance problems, officials contend that the carrier has an ample cash flow to repay its debt without lowering its maintenance standards. Wall Street analysts tend to accept such views. Says Julius Maldutis, who follows...
...Europe and Asia, some aviation experts have been critical of U.S. aviation practices. Japan's Ministry of Transport complained last month that mechanical problems had forced too many Northwest flights to return to Tokyo's Narita airport after takeoff, allegedly increasing congestion at the crowded facility. Last May a group of European airlines refused to take delivery of Boeing's new 747-400 jetliners until the company agreed to reinforce the cabin floors...