Word: panair
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Then, in 1961, bowing to the intense nationalistic pressures stirred up by President Jánio Quadros, Pan American sold its 30% controlling interest to Brazilian investors. The new owners, notably Mário Simonsen, a wheeler-dealer who made a fortune speculating in coffee, quickly put Panair into a financial nose dive. To win friends and influence politicians on other business deals, Simonsen started handing out so many free tickets that on overseas runs as many as 40% of Panair's passengers were flying now and paying never...
Last week one of the line's four Caravelles was held at the factory in France for nonpayment of repair bills. More than half of Panair's 25 planes were out of service, and those still flying were often days, not just hours behind schedule. Panair's 4,500 employees were far more than the company needed, but under Brazilian law it was next to impossible to fire them...
Weak as it was, Panair was still something of a national institution, and Castello Branco's sudden action brought shocked outcries. The governor of Amazonas State declared a state of emergency and flew to Rio to try and plead with Castello Branco. Panair's directors vowed to appeal the President's order to the Supreme Court, but it does not reconvene until March 9. By then the airline will probably have been torn apart by its competitors and creditors...
...Under Castello Branco's order, Panair's domestic service will go to Cruzeiro do Sul and VASP, which fly to most of the same cities anyway. The real prize, Panair's routes to Europe and the Mideast, will go to Varig, which is already South America's biggest airline and by far its best. Founded in 1927, Varig has been run for the past 23 years by Ruben Berta, 57, a onetime Lufthansa accountant who has built it into an international operation with routes to South America's west coast and the U.S., a huge...
...sooner was Panair grounded than Varig moved in to pick up the pieces, loaded passengers booked on a Panair DC-8 directly onto a Varig Convair 990 for a Lisbon-Paris-Frankfurt flight. Now Berta is talking about renting two of Panair's DC-8s and assigning a new Varig Boeing 707 to the transatlantic service. It was a familiar routine for Berta & Co. Panair is the tenth Brazilian airline that Varig has swallowed in as many years...