Word: easterners
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Dates: during 1980-1989
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...deal, subject to approval by Eastern creditors and the U.S. Bankruptcy Court, followed lengthy negotiations with Eastern's parent Texas Air Corp...
...Under this agreement Eastern can be back flying in very short order," he said...
Miami-based Eastern has been virtually paralyzed since March 4 by a Machinists union strike that has drawn the support of pilots and flight attendants. Eastern filed for reorganization and protection from creditors in U.S. bankruptcy court in New York on March 9 as its cash dried...
Ueberroth's group made a $464 million offer for Eastern last week and then withdrew the bid after being told by Texas Air that it had been topped by another suitor, identified by sources close to the situation as billionaire hotel executive Jay A. Pritzker...
Under the offer accepted by Texas Air, Ueberroth and Thomas Talbot, a former airline executive from California, would own 30 percent of the airline. Eastern's unions would get another 30 percent of the company in exchange for wage and work-rule concessions. The remaining 40 percent would be held by new investors, including Drexel Burnham Lambert Inc. and Ardshiel Inc., a smaller New York firm...