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Eastern Airlines Facing Bankruptcy
Word count: 1250 | Approximate pages: 5
In 1986, Eastern Airlines was in desparate trouble. The fourth
quarter of 1985 had shown a $67.4 million loss, and financially experts
had told Frank Borman, president and chief executive officer, that the
airline had three choices: 1) a 20 percent pay cut for all union and
noncontract employees. 2) Filing for Chapter 11 (bankruptcy) or 3) Selling
the airline. On February 23, 1986, Eastern's board of directors met to decide
the fate of the company.
Frank Borman, quickly left his home in Coral Gables to ....
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