Word: twa
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Dates: during 1990-1999
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...TWA and other carriers immediately undercut your prices, and now a bloody fare war is under way. How can you maintain your new fare structure in the midst of a price...
...simply don't know. This industry is always in the grip of its dumbest competitors. I was surprised when TWA cut fares. I don't understand TWA's strategy. It doesn't make any sense, and therefore I don't know what they will do to further lower fares. All I know is that we have no choice but to match whatever low fare anybody puts out there. And so it will get as bad as they want...
...Carl Icahn of TWA says you are trying to drive him out of business...
Predictably, Crandall's revolutionary fare changes triggered a dogfight last week with Carl Icahn, the corporate raider turned executive who heads TWA. Icahn challenged the new fares by slashing TWA's rates as much as 40% below American's prices. Icahn also vowed to keep volume discounts for corporate travelers, which American's plan eliminated. "We are here to stay," he told TIME. "I'm not a passive guy. It's hard to drive a low-cost competitor out of business. And, as far as I'm concerned, it won't work...
Icahn brings some surprising strengths to this skirmish. Bankruptcy-court protection keeps his airline's costs down and permits it to offer some of the industry's lowest prices. TWA has suspended payments on $1 billion of debt and is renegotiating lease payments on some aircraft as it works out a plan to satisfy creditors. While Icahn says he expects to fly TWA out of court late this summer, some analysts argue that he may try to stay in Chapter 11 proceedings while doing battle with American...