Pan Am Takes ‘For-Sale’ Sign Off Its Shuttle : Airlines: The ailing carrier says it didn’t receive any adequate offers for the lucrative Northeast corridor operation.

Pan Am Corp., parent of ailing Pan American World Airways, has taken its lucrative Northeast shuttle off the block, primarily because it has not received any adequate offers.

While Pan Am would still entertain a bid, “we are not actively marketing the shuttle,” said Jeffrey Kreindler, a spokesman for the carrier.

Pan Am’s success in closing the $400-million sale of its London routes to United Airlines late Wednesday eased pressure on the airline to unload the shuttle, which links Boston, New York and Washington. That transaction also calls for the two carriers to link marketing and mesh their frequent-flier programs.

Pan Am wanted at least $200 million for the shuttle operation--not counting its planes--and another $100 million for the aircraft, according to Ray Neidl, airline analyst with Dillon, Read & Co.

The Trump Shuttle, formerly owned by Eastern Airlines, has also been taken off the market for lack of a big enough offer.

Pan Am said it had discussed the sale of its shuttle with a half-dozen potential buyers but would identify none of them. It is known, however, that among those interested in buying the shuttle were American Airlines, America West Airlines and an investment group headed by Bruce R. Nobles, a former president of the Pan Am operation who also had been president of the Trump Shuttle.

Though the deal with United signed Wednesday night gives Pan Am some breathing space, Kreindler said even it might not be enough to get the troubled carrier through the slow winter season if aviation fuel prices remain high.

One indication of how precarious Pan Am remains is that United said it would guarantee $100 million in Pan Am tickets in the event that Pan Am ceases operations.

The pact with United in effect nullifies an offer for all of Pan Am by financier Carl C. Icahn, chairman of Trans World Airlines. Observers suspected that Icahn wanted to sell Pan Am’s London routes--which overlap with those of TWA--in the expectation he might have gotten more for them than the $400 million United is paying Pan Am.

Icahn--along with American, which has said it would outbid United for the coveted London routes--could get back into the bidding if British and U.S. authorities refuse to transfer Pan Am’s landing rights at London’s Heathrow Airport to United.