Word: borman
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...last month Eastern was $2.5 billion in debt and its bankers were threatening to call in some of the loans if the airline's unions did not agree to make $450 million worth of wage concessions. Eastern was perilously near bankruptcy. Said Borman: "It was either fix it, sell it or merge...
...most stunning development was Texas Air's agreement to buy Eastern Airlines for about $600 million. For Eastern Chairman Frank Borman, the deal was an unfortunate, but unavoidable act of a company close to bankruptcy; for many of the employees it was a shameful sellout; and for the rest of the industry it was a shocker. If the merger goes through, it will create the largest U.S. airline, flying some 55 million passengers annually and serving 212 domestic and 71 overseas destinations. United would drop to second...
...year, almost twice what Texas Air skippers receive. Eastern has slipped repeatedly into the red, and its comebacks never seem to last. After managing a $73 million profit for the first nine months of last year, the airline lost $67 million in the final quarter. Many employees fault Borman, the former Apollo astronaut who became chairman in 1976; they feel that he has never earned his wings as a successful business executive...
...spotlight on Eastern intensified in April 1984, when U.S. Customs Service agents seized one of the company's jumbo jets after discovering 3 lbs. of coke under the cockpit. Federal investigators enlisted the help of Eastern Chairman Frank Borman, who gave his mechanics the go-ahead to help agents search planes for illegal stashes. The current probe began last August after Customs agents found two coke shipments totaling 1,722 lbs., or $430 million worth, aboard Eastern flights from Colombia. Investigators discovered that the contraband was generally stuffed into suitcases by baggage handlers in Colombia and then slipped through Customs...
...delayed modernizing its aging fleet of fuel- guzzling planes. By the time Eastern stepped up purchases of new fuel- efficient aircraft in 1972, it was facing steep replacement costs of up to $35 million for each 293-seat L-1011, and was short on cash. Says company Chairman Frank Borman, a former Apollo astronaut: "We had a substantial job of rebuilding to do. Our debt would not have gone up had we been profitable...