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...industry that made a record $1.7 billion in profits in 1988. After a wrenching consolidation during the '80s that forced over 200 carriers to merge or disappear, the few remaining major companies are about to undergo another shake-out. Already wobbling badly, a couple of the weakest ones -- Pan Am and Eastern -- may disappear. Others, like TWA and Continental, may be forced to merge with stronger partners or shrink down to a more manageable size...
Once America's flagship carrier, Pan Am has lost $2 billion over the past decade. After two fruitless years of seeking a buyer or merger partner, the airline has begun to raise cash by selling off its prize assets: international routes. Last month the carrier agreed to sell its U.S.-to-London routes to United for $400 million. Still trying to sell off its Northeastern shuttle, Pan Am is fast running out of marketable assets...
News Editor for This Issue: Melissa R. Hart '91 Night Editors: Jonathan S. Cohn '91 Brian R. Hecht '92 Matthew M. Hoffman '91 Philip P. Pan '93 Rebecca L. Walkowitz '91 Feature Editor: Eric S. Solowey Editorial Editors: John L. Larew '91 Joshua M. Sharfstein '91 Sports Editor: Michael D. Stankiewicz '90-'91 Photo Editor: Ernie Chung '92 Business Editor: Timothy B. Paydos '92 Copy Editor: Erica L. Werner...
Matthew M. Hoffman '91 Night Editors: Jonathan S. Cohn '91 Brian R. Hecht '92 Matthew M. Hoffman '91 John L larew '91 Tara A. Nayak '92 Joseph R. Palmore '91 Philip P. Pan '93 Eric S. Soleway '91 Rebecca L. Walkowitz '92 Editorial Editor: Joshua M. Sharfstein '91 Feature Editor: Jonathan S. Cohn '91 Sports Editor: Andrew M. Fine '91 Photo Editor: Ali F. Zaidi...
...week for the third time since August. Still, the higher fuel prices seem certain to intensify airline industry consolidation as weaker companies falter. Continental, which filed for bankruptcy in 1982, narrowly avoided a second reorganization last week when its management decided instead to consider selling planes and other assets. Pan Am meanwhile agreed to sell some of its few remaining crown jewels -- principally its London routes and gates -- to United for $400 million...