Word: twa
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Dates: during 1990-1999
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Hard times in the airline industry have left a few strong carriers with most of the traffic and a handful of debt-ridden ones struggling to stay aloft. Last week two of the weaker airlines decided that a merger may help them survive. TWA chairman Carl Icahn, who began pursuing a merger with Pan Am two months ago, finally persuaded the rival carrier to agree tentatively to a deal. Under the terms, TWA would acquire Pan Am for $375 million, or $2.50 per share in cash and securities. The merger, however, depends upon Icahn's ability to provide a bridge...
...profits in 1988. After a wrenching consolidation during the '80s that forced over 200 carriers to merge or disappear, the few remaining major companies are about to undergo another shake-out. Already wobbling badly, a couple of the weakest ones -- Pan Am and Eastern -- may disappear. Others, like TWA and Continental, may be forced to merge with stronger partners or shrink down to a more manageable size...
...particularly ill-prepared to weather the downturn. The carrier accumulated more than $2 billion in long-term debt in the process of building itself into one of the five largest U.S. carriers. Rival carrier Delta confirmed last week that it may buy some of Continental's assets. At TWA, market share has slipped from about 10% in 1985 to 8% currently. Since TWA boss Carl Icahn failed to move quickly enough to replace his aging aircraft, the airline is stuck with a fleet that is particularly thirsty and costly. New Boeing and McDonnell Douglas passenger jets are as much...
...already returned to Lebanon. Western terrorism experts believe Saddam could be especially interested in one of the prisoners, Mustafa Badreddin, a Syrian- trained explosives expert who is the brother-in-law of Imad Mughniyah, a Lebanese terrorist and suspected kidnapper identified as the mastermind behind the 1985 hijacking of TWA Flight 847. Originally scheduled to fly from Athens to Rome, the plane was eventually taken to Beirut, where Robert Dean Stethem, a U.S. Navy diver who was a passenger on the flight, was beaten and shot to death. Saddam conceivably could try to enlist Mustafa and his colleagues in terrorist...
...Chicago-based investment-research firm Duff & Phelps: "Fuel prices are important, but the really important variable is what happens to the economy. If the economy falters, it will mean a significant reduction in profits, or losses, at some carriers." That could cripple such weak airlines as Pan American and TWA, already awash...