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Pan Am was forced to file for bankruptcy protection on January 8, 1991. [125] 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.
One major element in almost every airline bankruptcy is the rejection by the debtor of its current collective bargaining agreements with employees. After satisfying certain requirements, bankruptcy law permits courts to approve the rejection of labor contracts by the debtor-employer. With this tool, airline managers reduce costs.
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 ...
In 1992, United purchased Pan Am's Latin American and Caribbean routes and Miami gates, but allowed months to elapse between Pan Am's demise and its launch of service. In 1994, United's pilots, machinists, bag handlers, and non-contract employees agreed to acquire 55% of company stock in exchange for 15% to 25% salary concessions.
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.