Pan Am Gets $50 Million in Operating...
From Times Staff and Wire Reports
Pan Am Gets $50 Million in Operating Cash: Pan Am Corp. said it completed a deal to borrow the short-term operating funds after bankruptcy court approval of the loan. The $50 million is part of a $150-million loan arranged by Bankers Trust Co. and United Airlines to enable the cash-strapped airline to operate until it completes the sale of five U.S.-London routes to United. U.S. Bankruptcy Judge Cornelius Blackshear approved the financing and the $290-million route sale in Manhattan on Thursday. Pan Am filed for Chapter 11 on Tuesday.
