Share this article

print logo


Pan Am Corp. and Trans World Airlines Inc. continued negotiating Monday over whether TWA would lend Pan Am enough money to keep it operating until the struggling carriers can merge.

TWA spokesman Don Morrison said talks on the loan ran through the weekend and into Monday.TWA Chairman Carl C. Icahn has sought assurances that Pan Am would be able to repay the loan, estimated at as much as $100 million. Icahn has proposed forwarding Pan Am "debtor-in-possession" financing that would put TWA first in line for repayment during a Pan Am bankruptcy reorganization.

Pan Am got some financial help Monday as UAL Corp. advanced $20 million toward leaseholds on gates and other property at San Francisco International Airport. Pan Am said the city Airports Commission has approved the deal and final city authorization is expected early next month.

Pan Am has completed the sale of two Boeing 747 jumbo jets to UAL, and a $10 million spare parts sale is expected to be completed soon, said Jeffrey Kriendler, a Pan Am spokesman.

There are no comments - be the first to comment