The Nation - News from Feb. 23, 1986

Eastern Airlines, facing a Wednesday strike deadline by pilots and a shutdown threat from creditors, has received a buy-out offer, Chairman Frank Borman told leaders of three unions. He did not identify the suitor, a union official said. “The cash portion of the offer is represented to be substantial” and the board of directors is meeting today to consider the offer, Larry Schulte, chairman of the Air Line Pilots Assn. Master Executive Council, said. An Eastern official who refused to be identified confirmed that an offer had been made but gave no details.