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Pan Am was forced to file for bankruptcy protection on January 8, 1991. [127] Delta Air Lines purchased the remaining profitable assets of Pan Am, including its remaining European routes (except one from Miami to Paris), and Frankfurt mini hub, the Shuttle operation, 45 jets, and the Pan Am Worldport at John F. Kennedy Airport, for $416 million.
Pan American Airways, also known as Pan Am II, was an airline created in 1996 by an investment group that included former US ambassador Charles Cobb. The group purchased the rights to the venerable Pan Am brand after the original carrier declared bankruptcy in 1991.
A number of major airlines have declared bankruptcy and have either ceased operations, or reorganized under bankruptcy protection. Airlines, like any business, are susceptible to market fluctuations and economic difficulties. The economic structure of the airline industry may contribute to airline bankruptcies as well.
Pan Am filed for bankruptcy protection in January 1991 and subsequently tried to reorganize and survive. That included moving its hub to Miami to mainly serve Latin America and the Caribbean.
In 1970 alone, Pan Am carried 11 million passengers to 86 countries worldwide. But after decades of financial turbulence, Pan Am went bust. The rise and fall of Pan Am [Video]
Once Pan Am ceased operations in 1991 following a bankruptcy blamed in part on airline deregulation, increased competition and rising costs, Miami airport took over the headquarters building ...
The terminal featured the Panorama Room, a dining room with a view of the entire concourse, and the Clipper Hall museum of Pan Am history. In 1971, the terminal was expanded to accommodate the large Boeing 747 and renamed the "Pan Am Worldport". Worldport was the world's largest airline terminal and held the title for several years.
When Pan Am declared bankruptcy in early 1991 and was forced to sell its New York hub to Delta Air Lines, Pan Am Express continued to operate the northeast regional system and the Miami system for Pan Am until the brand was shut down together with its parent on December 4, 1991. On that date, Ransome / Pan Am Express was sold to Trans World ...