Word: usair
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...Your Chairman displayed exquisite timing," he writes about his purchase of a large stake in USAir. "I plunged into the business at almost the exact moment that it ran into severe problems." Buffett also notes his purchase since late 1989 of $440 million of RJR Nabisco junk bonds. A crazy investment? He acknowledges that he's leery of new issues of junk bonds ("The only time to buy these is on a day with no y in it"), but the RJR bonds have been traded for a while -- and Buffett says their market value has increased $150 million since...
...Philadelphia. But with a deepening recession, fuel prices that more than doubled with the gulf crisis and cutthroat competition in the Northeast corridor, Midway was forced to retreat and put its Philadelphia gates back on the block last year. The company ended up selling those operations to USAir for only $64.5 million. Mainly as a result of that sale, Midway posted a $139.2 million loss last year. Yet with completion of the sale expected next month, Midway chairman David Hinson insists "the worst is now behind us." In light of the fare-cutting mania that has recently gripped air carriers...
...passengers and continue to South America, the Caribbean or even Asia. The profitable English giant may expand its U.S. web by taking advantage of new Department of Transportation rules that allow foreign carriers to own as much as 49% of U.S. carriers. Reportedly tops on its shopping list: troubled USAir...
...with the war coming in the trough of a recession, some companies stopped paying reservists on active duty and were happy to lose the burden. At USAir, 140 pilots were called to the military, but that fit right in with the struggling airline's plans. It furloughed 211 pilots last year and will send an additional 600 their walking papers in 1991. Such companies may have trouble reabsorbing reservists who demand their jobs back, but experts don't expect the phenomenon to have much impact on the U.S. economy, largely because troops will march home in relatively small groups over...
...carriers are lightening their loads by suspending unprofitable routes, flying remaining ones less often and cutting costs. Airlines have reduced new orders for aircraft as much as 50%; 44,000 airline workers worldwide, from machinists in Kansas City to flight attendants in Amsterdam, have lost their jobs since January. USAir, which reported $221 million in losses for the fourth quarter, last week laid off 3,600 workers. Belgium's national airline, Sabena, and Spain's flagship carrier, Iberia, each announced plans to eliminate more than 2,000 jobs. British Airways, which suffered a 72% profit decline last quarter...