Word: tristar
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...Stars, which are powered by Britain's Rolls-Royce engines. The $130 million sale was a sorely needed and roughly won victory for Lockheed, which was saved from bankruptcy by a $250 million federal loan guarantee 14 months ago and is counting considerably on the TriStar for its future. The plane nosed out McDonnell Douglas's DC-10 and a short-range version of Boeing's 747 for the All Nippon airbus business. Beyond the prospect of additional sales of the 300-passenger planes to All Nippon, a big domestic carrier, the deal gives Lockheed its first...
...goods, including aircraft, to help reduce the U.S. trade deficit. Half a dozen of Japan's newspapers, including Tokyo's large Yomiuri Shimbun, carried reports that Nixon feels a special responsibility to keep Lockheed viable, and that he put in a good word with Tanaka specifically for TriStar. In September Britain's Prime Minister Edward Heath, also worried about trade deficits, urged Japanese officials in face-to-face meetings in Tokyo to have Japan buy aircraft equipped with Rolls-Royce engines. The Japanese took these proddings most seriously, and the only way that they could satisfy both...
...that such a reminder was needed. A year ago Lockheed was headed for collapse, its TriStar project in shambles; the aircraft's engine supplier, Britain's Rolls-Royce, had gone bankrupt. Congress came to the rescue by authorizing a $250 million federal loan guarantee and the British government assured delivery of the engines by assuming ownership of Rolls-Royce...
...line was prodded into the deal by the British government in order to expand the market for engines made by the government-owned Rolls-Royce. Even so, BEA is not likely for many years to phase out its fleet of British-made Trident jets and switch wholesale to the TriStar...
...have to put up an estimated $80 million to $100 million to develop the modified plane, and it does not now have the money. It has already used up $150 million of its Government-guaranteed loan, and will need the rest merely to continue pro duction of the conventional TriStar. Haughton says he is planning to raise the needed cash by floating a new bond issue, but how well it would sell is in some doubt...