Word: tristar
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...lost on Government contracts, Lockheed has taken more than its share of tumbles. Over the years, it rolled up $480 million in losses on four military projects. In February, already cash-starved, it ran into even more trouble on its biggest venture into commercial aircraft: the L-1011 TriStar airbus. Rolls-Royce, supplier of engines for the TriStar, went into receivership and the British government refused to finance production of the engines unless the U.S. Government assured it that Lockheed could pay for them...
...provided Congress is amenable, Lockheed and its chairman, Daniel Haughton, may have that assurance. Treasury Secretary John Connally announced that the Administration this week will ask Congress for $250 million in a loan guarantee to keep the TriStar project going. The new loans would come from private banks, but would have Government backing and would be as secure as Federal Reserve notes. If Congress goes along, the British are expected to let Rolls-Royce proceed full speed ahead on the RB-211 engines, which were designed specifically for the TriStar air frame. Then 10,000 Lockheed employees working...
...Administration bill is defeated in Congress-or even stalled past the Labor Day recess-the TriStar project may well be doomed. And if TriStar dies, Lockheed executives fear, the company itself has no chance of survival...
...after two grave errors. The company contracted to develop and build the huge C-5A cargo plane for the Air Force at a price that later seemed arbitrarily low. And it decided to bank on Britain's Rolls-Royce, Ltd. to deliver engines for its 256-passenger L-1011 TriStar super jet for a price too good to be true. Both the C-5A and the Rolls-Royce engine turned out to be riddled with "unk-unks," industry slang for "unknown unknowns." Last October, after cost overruns on the C-5A had enraged Congress, the Air Force reduced its order...
With help from the White House, Lockheed has been trying to renegotiate its contract with the British government and get the engines. Last week the two sides continued their meetings in Washington, still with no apparent result. If no deal can be made, Lockheed could still save the TriStar by buying engines from either Pratt & Whitney or General Electric. But that plan would put the plane's production even farther behind that of McDonnell Douglas' competing DC-10, deliveries of which are expected to begin later this year. Faced with the prospect of long delays, Delta Air Lines...