Originally Posted by
nwaf16dude
Delta promised 85 million in DIP financing for what was left of Pan Am to continue operating. They paid that 85 mil, plus another 35 mil before they finally realized they were pouring money into a bottomless pit. When they cut off any further funding, Pan Am finally ceased operations in late 91.
I remember the DIP financing to acquire the assets (Pan Am shuttle/ europe ops, etc.) which has been mentioned previously. I also remember the "promise" to get PAA through the winter when the synergies would kick in and they would be able to sustain themselves.
Whether they would survive or not, promises were made and then withdrawn. Who wound up with the majority of what PAA had? Just saying.
The Oscar