A Courtly Airline Gets Tough
Delta money had been on the table since July when the carrier offered a paltry $260 million for Pan Am’s prized remains. But just as that agreement was nearing completion, a flurry of competing offers emerged from Trans World Airlines and United. Not known for its aggressiveness, Delta responded with uncharacteristic tenacity. Company officials scrambled to revise their offer at least five times before clinching the agreement. It calls for the airline to pay $621 million in cash, assume $668 million in debt and provide an $80 million loan to help Pan Am stay aloft until the deal is finalized....