Word: icahn
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...celebrate his victory in the hostile takeover battle for Trans World Airlines in August 1985, corporate raider Carl Icahn donned a pilot's cap and uniform jacket and paraded triumphantly around his Manhattan office. The parade didn't last long. Plagued by labor strife, mounting losses and bruising competition, TWA became more of a financial straitjacket for the erstwhile wizard than the trophy he had envisioned. In recent years, as he struggled to keep the now bankrupt carrier aloft, Icahn groped for a graceful way to bail out. Despite near frantic efforts, he was unable to find a willing buyer...
Inside ailing companies, Chapter 11 filings can lower morale and strain already tense relations between bosses and employees. Some TWA workers question owner Carl Icahn's motives for placing the airline in Chapter 11 in January. Instead of striving to clean up the company's finances, they say, Icahn's real goal may be to use Chapter 11 as a shelter from which to conduct fare wars like his current battle with American Airlines. "Chapter 11 can be a good opportunity for a company to cleanse itself of past mistakes," says Bill Compton, chairman of the pilots' union local...
...Carl Icahn of TWA says you are trying to drive him out of business...
...That's not true. How can I drive him out of business? He's already bankrupt! If anyone is trying to drive TWA out of business, it is Carl Icahn. Look, we will take a bigger hit on our revenues from the new fares than the weaker carriers will. American, United and Delta carry more full-fare passengers than TWA does, and it is the full fares that...
...Icahn brings some surprising strengths to this skirmish. Bankruptcy-court protection keeps his airline's costs down and permits it to offer some of the industry's lowest prices. TWA has suspended payments on $1 billion of debt and is renegotiating lease payments on some aircraft as it works out a plan to satisfy creditors. While Icahn says he expects to fly TWA out of court late this summer, some analysts argue that he may try to stay in Chapter 11 proceedings while doing battle with American...