Word: panning
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Dates: during 1990-1990
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...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 loan to help Pan...
Icahn raised money for the merger by agreeing last week to sell TWA's profitable U.S.-to-London routes to American Airlines for $445 million. Just last October, Pan Am entered into a similar agreement to sell its London routes to United Airlines for $400 million...
...Pan Am 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...
Melissa S. Hart '91 Night Editors: Brian R. Hecht '92 Matthew M. Hoffman '91 Tara A. Nayak '92 Joseph R. Palmore '91 Philip P. Pan '93 Joshua M. Sharfstein '91 Joanna M. Weiss '94 Editorial Editor: Beth L. Pinsker '93 Feature Editor: Jonathan S. Cohn '91 Sports Editor: Andrew M. Fine '91 Josie Karp '94 Business Editor: Sameer A. Chishty...
...TRAGEDY OF FLIGHT 103: THE INSIDE STORY (HBO, Dec. 9, 9 p.m. EST). The events leading up to the Lockerbie crash are recounted in this docudrama, a co-production with Britain's Granada TV, which presents a strong indictment of the security precautions taken by Pan Am and the Federal Aviation Administration...