Word: carriere
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...Frontier Airlines the past year has been a struggle. The Denver-based carrier lost $31 million in 1984 and sold almost half its fleet to raise cash. Last week Texas Air Chairman Frank Lorenzo unveiled his plan to solve the airline's woes. Lorenzo, who was outbid for TWA in August by Corporate Raider Carl Icahn, offered $20 a share in a deal that could mean $250 million to Frontier. Said Lorenzo: "It's extremely hard for a small airline to compete...
Purchase of Frontier would enable Texas Air, which also owns Continental, to boost its share of business in the Rocky Mountain region substantially. Frontier, the 15th-largest U.S. carrier, would provide connections to Continental flights in Denver and in other cities that are served by the two airlines. Lorenzo may not be able to acquire Frontier without a fight. GenCorp, an Ohio-based company that holds a controlling interest in Frontier, had been planning to sell the carrier to its union employees for $17 a share. The workers may well decide to oppose the offer by Lorenzo, who is known...
...airline industry could face large insurance-premium increases as the result of this year's string of fatal accidents. The crash of a Japan Air Lines 747 is expected to cost the carrier and its insurance company as much as $200 million in compensation to victims' families. Last week Delta Air Lines, facing heavy costs from its L-1011 crash in Dallas, asked a U.S. District Court to require the Federal Government to share responsibility. The carrier contends that federal air-traffic controllers were at fault in the crash because they failed to warn the pilot sufficiently of bad weather...
...great news for Texas," his state won some $109 million of the $264 million in annual Pentagon payroll spending. Principal beneficiary was Corpus Christi, which will get the newly refurbished World War II battleship Wisconsin, as well as a cruiser, a destroyer, a minesweeper and the Lexington, an aircraft carrier used for training purposes. Together, the ships will mean an estimated 6,500 new military and civilian jobs in the city...
Other cities celebrating the latest steps in the Reagan Administration's drive to deploy a 600-ship Navy by 1990 included Pensacola, Fla., where the Navy will berth an operational carrier, and Mobile, where two destroyers, two frigates and a minesweeper will be based. In an earlier decision, the Navy said that eight vessels, including the battleship Missouri, will soon call the San Francisco Bay Area home. Said an elated San Francisco Mayor Dianne Feinstein: "We have always been a Navy town, and now we will be a Navy town all over again...