Trans World Airlines owner Carl Icahn is expected to demand the ouster of Pan Am Chairman Thomas Plaskett as a condition for his takeover of cash-strapped Pan Am Corp., according to published reports.
Today's editions of the Wall Street Journal and New York Times said Plaskett's dismissal is part of a long list of demands Icahn is plans to present to Pan Am.
Part of Icahn's proposal would require Pan Am to seek Chapter 11 protection from creditors in order to receive a large loan to carry it until the merger with TWA is consummated.
Icahn earlier this month suggested he would be willing to acquire Pan Am for $225 million in cash and $150 million in subordinated notes. But he has yet to present Pan Am with a laundry list of additional conditions.
The Journal said Icahn is "understood" to lack confidence in Plaskett's management abilities.