Newspaper article THE JOURNAL RECORD

Pan Am Files Reorganization Plan

Newspaper article THE JOURNAL RECORD

Pan Am Files Reorganization Plan

Article excerpt

Pan Am Files Reorganization Plan NEW YORK _ Pan Am Corp. and its creditors filed a reorganization plan in bankruptcy court Tuesday, with Pan Am saying it faced a number of hurdles, including continued losses of substantial amounts of money. Pan Am's losses could conceivably force it to shut down before the reorganization plan is put into effect, the carrier said in its filing at U.S. Bankruptcy Court. Judge Cornelius Blackshear is scheduled to consider the plan at a hearing Oct. 24. "We recognize that there are roadblocks ahead, but we are working with Delta and the creditors committee to overcome them," Pan Am spokesman Jeffrey Kriendler said. Pan Am, which landed in Chapter 11 in January, has agreed to sell most of its assets to Delta Air Lines. It then hopes to move its headquarters from New York to Miami and operate as a small carrier that will be owned 45 percent by Delta and 55 percent by creditors, concentrating on service in Latin America and the Caribbean.

Biotechnology Company Revenues Jump SAN JOSE, Calif. _ Biotechnology companies saw record revenues of $5.8 billion in fiscal 1991, a 23 percent jump fueled by the world's growing appetite for manmade drugs, according to a report released Tuesday. "Watershed products came into their own (and) important new products broke through the FDA logjam," said the sixth annual biotechnology industry report by Ernst & Young, an accounting and consulting company. The U.S.

Food and Drug Administration, which regulates biotechnology products for use in people, plants and animals, approved 11 products in fiscal 1991, which ended June 30. That compares with 13 approvals during the prior eight years, and with 17 products expected to receive the go-ahead this year, Ernst & Young reported.

G. Steven Burrill, international director of high technology industry services for Ernst & Young, said biotechnology is reaping a financial harvest after years of laboratory and regulatory trials. Last year, revenues hit $4.7 billion. Burrill predicted a $50 billion industry by the year 2000.

Gasoline Prices Edge Up NEW YORK _ Gasoline prices posted a tiny gain this week, after two consecutive weekly falls, the American Automobile Association reported Tuesday. …

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