Airlines Scavenge Through Eastern’s Remains: A private...
From Times Staff and Wire Reports
Airlines Scavenge Through Eastern’s Remains: A private auction of Eastern Airlines assets opened up a confused bidding war for routes, gates and landing slots idled when the carrier quit flying last month. On the block were assets that Eastern had agreed to sell either before or shortly after it ran out of cash and halted service Jan. 18. The auction, conducted by lawyers behind closed doors at a mid-town Manhattan hotel, appeared to throw the assets up for grabs in combinations that conflicted with Eastern’s earlier sales agreements. U.S. Bankruptcy Judge Burton R. Lifland ordered the auction last week to ensure Eastern’s creditors got top dollar from the sales.
