Word: twa
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Dates: during 1990-1999
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Carriers that were already weak lost even more altitude. Pan Am, which filed for bankruptcy last month, announced that it would cut its work force 15%, or 4,000 employees, while further scaling back service to Europe. Financially troubled TWA missed scheduled debt payments of $76 million. Says industry analyst Rose Ann Tortora: "The strong are getting stronger, and the weak are screaming uncle...
...This week, in an unprecedented move, most U.S. department-store fashion directors, magazine fashion editors and Seventh Avenue buyers will stay home from the annual couture collections in Paris. The shutdown of European travel may cut off Pan Am's last hope of surviving Chapter 11 proceedings. Last week TWA laid off 1,360 of its 6,800 flight attendants and about 100 of its 3,300 pilots. Companies are even curbing travel to innocuous U.S. destinations. Said a Manhattan businessman: "I wouldn't even fly to Kansas or Fort Worth right now. I simply don't believe in taking...
...terrorism continued, just under a different name," says Vincent Cannistraro, who left the CIA this fall as head of analysis and operations for the agency's counterterrorist center. According to associate deputy FBI director Buck Revell, Rashid is a prime suspect in the 1986 P.L.O. bombing of a TWA flight to Athens that killed four Americans...
Icahn raised money for the merger by agreeing last week to sell TWA's profitable U.S.-to-London routes to American Airlines for $445 million. Just last October, Pan Am entered into a similar agreement to sell its London routes to United Airlines for $400 million...
...TWA-Pan Am merger is successful, the nation's pioneers in overseas flights would still face formidable hurdles. TWA is saddled with one of the oldest fleets in the industry and an estimated $2 billion in debt, while Pan Am lacks a strong domestic system. Moreover, by selling their London routes to two of the most aggressive U.S. carriers, Pan Am and TWA can expect increased competition overseas. Yet the merger would have at least one advantage: the combined carrier would have to sell off overlapping routes, providing it with additional cash...