Word: braniff
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...loss reserve of $474.6 million, or 1.3% of all loans. But the bank's megabuck borrowers include some of the most troubled credit risks in all of corporate America, Among the loans: $140 million to International Harvester, the deeply troubled Chicago farm-equipment manufacturer; $16 million to bankrupt Braniff Airways of Dallas; $57 million to Wickes Companies, Inc., a now bankrupt seller of lumber and furniture; $200 million to subsidiaries of Dome Petroleum, the struggling Canadian oil firm; and $80 million to American Invsco, a wavering condominium developer...
...with charts, glossy photos and lavish brochures. Meanwhile, Democratic Senator Henry Jackson of Washington, Boeing's home state, strenuously campaigned for the company, asserting that the purchase of 747s "would assist the troubled airline industry." On May 13, the day the Senate voted on the defense authorization bill, Braniff declared bankruptcy. Looking to trim money from the military budget and to help distressed airlines, the Senate by voice vote approved Jackson's proposal to buy the 747s...
Boeing has also been hit by the glut in the used-airplane market, where prices keep getting lower and lower. Asks Morgan Stanley Analyst Wolfgang Demisch: "Why pay $30 million for a new airplane when you can get a used one for one-third that price?" The bankruptcy of Braniff Airways last month at least temporarily idled an additional 69 planes...
...Braniff had not sought Government assistance to avoid bankruptcy, and the Government was not about to give it. Washington's best role, President Reagan said in response to a question about Braniff at his press conference last week, was "creating a better business climate and bringing interest rates down...
Overall, the impact from Braniffs failure was not expected to be big. Braniff carried only 3.5% of U.S. air passengers. No comparison could be made with the monumental wreck a dozen years ago of the Penn Central Railroad, which was one of the main arteries of American rail traffic. By week's end only two of Braniff's routes were not being served by other carriers: Dallas-Wichita and Dallas-Omaha. Other airlines are expected to take them over soon. -By John S. DeMott Reported by Mark Seal and Michael Weiss/Dallas