Word: tristar
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...quick counterpoint neatly symbolized Lockheed's so-so progress in the year since Congress saved the company from bankruptcy. On balance, the good news clearly outweighed the bad. Selling the TriStar is absolutely vital to Lockheed's future, and the BEA order -the first for the TriStar in almost two years-was a welcome indication that Lockheed can keep itself going. Development and eventual production of the Cheyenne helicopter would have helped Lockheed, but cancellation will cause little if any out-of-pocket loss: the company has already written off $132 million of development losses on the helicopter...
...biggest chunk of those jobs are in Lockheed's headquarters in Burbank and the TriStar plant at nearby Palmdale, Calif. Thus when the Senate clerk announced the vote, there was great joy in those towns. Telephone lines were jammed as relatives and friends spread the news. Champagne flowed at the local union halls. Restaurants were crowded for the first time in months. Ever since Lockheed began laying off some 9,000 TriStar workers last winter, local residents had been putting off decisions about whether to buy new cars or refrigerators. Sales-tax receipts in Burbank had fallen 24% from...
...formalities of collecting on the loan guarantee should be completed within weeks, but Lockheed has a few other problems to take care of before the company is out of danger. Rolls-Royce engineers must work a few more bugs out of the TriStar's engines. Lockheed salesmen must persuade British European Airways to order at least 20 TriStars, a condition that TWA has specified for retaining its 33-TriStar order. Finally. Lockheed must rejuvenate its TriStar marketing program, which was inactive during the long period of uncertainty over the plane's future. The company has only 103 firm...
...jobs question, opponents of the guarantee noted that if the TriStar went down and Lockheed workers were cut adrift, there would be more work for people making the DC-10 and its General Electric engines-and perhaps also for Boeing, which is considering building a similar plane. Would it be fair for Washington to support Lockheed workers at the expense of others...
...secure enough risk for the nation's banks. Indeed Lockheed's creditors have testified that the company may well need more than $250 million. Opponents of the loan guarantee-including politicians from both parties, many economists and Lockheed's competitors -questioned whether the TriStar would ever be profitable. Chairman Haughton said that his company must sell 255 to 265 of the planes to make money on them. Lockheed reports 103 firm orders and 75 options for the TriStar so far, but its two biggest customers-TWA and Eastern-have been making arrangements to buy an almost identical...