Word: debts
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Dates: during 1990-1990
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Hard times in the airline industry have left a few strong carriers with most of the traffic and a handful of debt-ridden ones struggling to stay aloft. Last week two of the weaker airlines decided that a merger may help them survive. TWA chairman Carl Icahn, who began pursuing a merger with Pan Am two months ago, finally persuaded the rival carrier to agree tentatively to a deal. Under the terms, TWA would acquire Pan Am for $375 million, or $2.50 per share in cash and securities. The merger, however, depends upon Icahn's ability to provide a bridge...
...merger is successful, the nation's pioneers in overseas flights would still face formidable hurdles. TWA is saddled with one of the oldest fleets in the industry and an estimated $2 billion in debt, while Pan Am lacks a strong domestic system. Moreover, by selling their London routes to two of the most aggressive U.S. carriers, Pan Am and TWA can expect increased competition overseas. Yet the merger would have at least one advantage: the combined carrier would have to sell off overlapping routes, providing it with additional cash...
Those looking to Washington for guidance may be disappointed. As the sordid spectacle of the budget battle and the midterm elections showed, there is still no will in the capital to make hard economic decisions. "How do they ever expect our kids to pay that $3.3 trillion debt?" worries Tom Tenner, a retired appliance-company executive in Houston. "No one seems to care or give a damn. They feel we can borrow forever." Still, the capital is not immune to the jitters. Washington caterers say that guest lists are smaller and there are more lunches than dinners, more wine than...
...doing business as usual in so intensely competitive a world," Sinai said. "This downturn may be a catalyst that will wake up the nation." If the recession does help inspire the U.S. to face its long-term economic problems, hard times could help achieve what eight years of debt-fueled prosperity could...
...fair, most have not yet been asked). So U.S. officials will soon have to rerun the September begging trip that was dubbed Operation Tin Cup. But Bonn is complaining about the high costs of German unification, and the Japanese Finance Ministry is grumbling about the nation's heavy debt. The U.S. Administration has some fancy arm twisting to do -- and if it fails, some even fancier explaining to Congress and the public as to why the U.S. should bear so disproportionate a share of the cost, in money and maybe in lives, of defeating Iraq's aggression...