Word: carriere
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...ranks of airlines are likely to be diminished even more with two venerable carriers, Eastern and Pan Am, on the verge of being swallowed up or dismantled. Eastern was losing more than $4 million a day when it entered Chapter 11 bankruptcy last March after a strike by its machinists virtually shut it down. The bankruptcy court has set a deadline for Eastern bids this week. And Pan Am seems to be running on fumes. Last week the once proud carrier said it lost $151 million during the first quarter, following a $73 million annual loss...
...dreadnoughts responded that in some situations they are invaluable in projecting a nation's power and determination. "In peacetime the mission is political presence," says naval analyst Norman Polmar, "and they are very impressive for that." But they are also quite expensive. While cheaper to operate than an aircraft carrier, each of the four active battleships consumes $80 million a year in operations and support costs...
...commemorations. Celebrations large and small, local and national, will attract record numbers of tourists to France. If these do not mark a true festival of reconciliation, the French can still take pride in the passion they have for their history. In Lyons, Jacques Tournier, the descendant of a water carrier who was guillotined in 1793, recalls that his grandmother refused to walk past the place in the market where the execution machine stood. "Now I too avoid that spot out of respect for my ancestors," Tournier says. Jacques Delmas, a lawyer from Reims, has fonder feelings for the revolution...
...does Lorenzo want to destroy Eastern, the seventh largest carrier in the United States, or at least reduce it to a shell of its current self? Lorenzo answered this question himself when he bought Eastern in 1986, "We're going to paint the tails of the airplanes and move them over to Continental...
...deal to buy the troubled airline has been hailed by Wall Streeters and airline experts as a masterpiece of risk sharing that will help make his task more manageable. The ownership of the restructured airline will be divided among Ueberroth and his investors, who will get 30% of the carrier, Eastern's employees (30%) and other new stockholders (40%). Ueberroth's core group of investors will put up only $200 million in cash. The new company will cover the remaining $264 million of the purchase price by forgiving $185 million in debt that the parent company, Texas Air, currently owes...