Word: pans
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Dates: during 1980-1989
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...familiar company in danger is Pan American World Airways, which has lost $217.6 million in the first half of this year. In a desperate attempt to raise cash, the company last year sold...
...Manhattan headquarters for $400 million, and in August it got an additional $500 million for its profitable chain of 97 Intercontinental Hotels. In another attempt to stay aloft, Pan Am last week slashed its domestic fares by up to 68%. The move may be futile, though, because other airlines quickly followed Pan Am, setting off a new price war in the skies...
Never before had Pan American World Airways tapped the head of another airline to be its boss. But this week C. Edward Acker, 52, chairman of Miami-based Air Florida, will take over as Pan Am chairman. He succeeds William T. Seawell, 63, who in July announced his early retirement...
...Pan Am, Acker faces probably the toughest task in U.S. commercial aviation. Buffeted by new competition brought about by airline deregulation, skyrocketing labor and fuel costs and overextended air routes, Pan Am lost $217.6 million in the first half of the year. Two weeks ago company directors approved the sale of Pan Am's chain of 97 Intercontinental Hotels to Grand Metropolitan Ltd., a British conglomerate, for $500 million in cash...
...succeed in what many experts regard as a mission-impossible job? Says he lightheartedly: "I was thinking about finding a more challenging job, and I asked about being the captain of the Titanic. But they said I was years too late. So I decided to take the job of Pan Am chairman." Wall Street seemingly gave its approval to the new chairman last week. Pan Am's stock rose and Air Florida's shares dipped in price upon news of the appointment...