Word: tristar
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...scene outside Lockheed Aircraft Corp.'s assembly plant in Palmdale, Calif., symbolizes the condition of the $4.7 billion U.S. commercial aircraft industry today. There, glinting in the desert sun, stand five immense L-1011 TriStar jetliners, each worth $23 million. At first glance, they seem ready for delivery. The lettering on two of them spells out the name of Court Line, a British charter airline. The other three wear the bright symbol of Pacific Southwest Airlines' "grinning birds"-a broad smile painted under their striped cockpits. But Court went bankrupt in 1974, and PSA's business...
...awarded to foreign aircraft by their governments-as long as the planes meet standards established by the International Convention on Civil Aviation. In recent years, the French and British have accepted American evaluations of the Boeing 747 jumbo jet, the McDonnell Douglas DC-10 and the Lockheed L-1011 TriStar without argument. Now they clearly expect the U.S. to do the same with the Concorde, which has undergone more than 5,000 hours of exhaustive flight testing and has been certified as airworthy by both French and British authorities...
...been financially shaky ever since it ran into mammoth cost overruns on the C-5A cargo plane in the late 1960s. It received a near lethal blow in 1971 when Britain's Rolls-Royce, maker of the jet engines for the company's civilian L-1011 TriStar, went bankrupt, and Lockheed eventually lost $300 million, due in part to canceled orders. A recent rescue operation, under which Textron Inc. would have provided $100 million in new cash in exchange for a 46.8% interest in Lockheed, fell through in February. Lockheed two weeks ago announced that its profits...
...Eastern Air Lines Flight 902, a Lockheed Tristar jumbo jet, descended toward the same runway. It was caught in the same turbulence, measured at up to 90 m.p.h. Pilot Clifton Nickerson alerted the tower to the "wind shear and turbulence." Struggling, in his term, to "save it," he prudently pulled the huge craft back into the air and off to a safe landing at nearby Newark Airport. Some of his passengers grumbled about the "poor service...
...asked to convert $275 million in loans to Lockheed into preferred stock in the company and to extend $375 million in additional credit to Lockheed at an initial fire-sale interest rate of 4%. Most troublesome is the condition that airlines will have to convert options on 45 Lockheed TriStar jetliners to firm orders by Nov. 30-one that Textron stipulated must be met before it will finally go ahead with the deal...