Pan Am Pilots Would Support Buyout
The Pan Am Pilots Association said Sunday that it would support either of two rival efforts to acquire the airline.
The Iowa Acquisition Group, based in Waterloo, Iowa, said it made a $450-million offer for Pan Am last Tuesday.
On Friday, Pan Am said it was considering a $375 million buyout offer from Trans World Airlines Inc.
Pan Am, however, requested that TWA provide bridge financing for its immediate needs.
Capt. Charles Caudle of the pilots group said the Iowa Acquisition Group might be able to provide Pan Am with bridge financing.
Pan Am spokesman Jeff Kriendler had no comment on the pilots’ statement. However a source close to Pan Am said it was not clear whether the Iowa Acquisition Group’s offer was credible.
The group has declined to identify any of its prospective investment bankers.