PanAm, the 1st one ends its Bankruptcy

[T-Bird76]

I found this rather interesting....

Pan Am to Officially End Bankruptcy
(AP) NEW YORK
Pan Am World Airways said Wednesday that it would collect $30 million from the government of Libya and make final payments to creditors by the end of the year, officially ending the company's bankruptcy.

Pan Am had pursued civil and criminal action against the Libyan government following the deadly December 1988 bombing of Pan Am flight 103 over Scotland. The bombing killed 270 people and led to a severe decline in international air traffic for the company.

The successful criminal prosecution of a Libyan agent in 2004 allowed the civil lawsuit to move forward. Pan Am instead reached a settlement with the Libyan government that provides the airline's liquidation trust with the funds to be distributed later this year.

Pan Am filed for bankruptcy in January 1991 and ceased operations in December of that year.

About 15,000 ex-employees of Pan Am are among the creditors who are scheduled to receive distributions. The company said it will begin mailing checks in December.

[Alex T]

Wonder how much money these creditors can except? A Large sum or maybe a few dollars, hundreds?

Glad to see PAN AM get this completed.

Alex

[moose135]

Wonder how much money these creditors can except? A Large sum or maybe a few dollars, hundreds?

Well, if the 15,000 employees were the only creditors, the $30 million works out to $2,000 each, but you know there must be a long line of people looking for some cash, so don't expect anyone to get much out of this.

[Nonstop2AUH]

Pan Am out of bankruptcy, cool! Are they announcing any new cities or a 787 order?

Seriously, nice to see closure on this, but sad that whatever amount the former employees see will sadly be token in nature, this will be yet another fee fest for lawyers and financial institutions.

[hiss srq]

my grandfathers old auto parts pace on Sanke Road is one of the people expecting money I am sure he will be quite happy to hear this.