Carnival deal boosts Pan Am revival
Saturday 22 March 1997
Carnival Air, formed in 1988, operates a fleet of 27 jet aircraft that operate between South Florida, the Northeast, California and the Caribbean. The airline, which had revenues last year of about $270m (pounds 168m), is majority owned by Micky Arison, the chairman and chief executive of Carnival Corp, which operates Carnival Cruise Lines and is a big shareholder in Airoturs, the second largest tour operator in the UK. While the full financial details of the deal rae not being released, it was disclosed that Mr Arison will make a $30m capital investment which will result in him holding around 9.5 million Pan Am shares.
This is Pan Am's second attempt at buying Carnival Air. Last July it pulled out of a deal that involved paying around $100m for the airline. Pan Am said yesterday that it had arranged financing that, when combined with the additional investment from Mr Arison, will give it $60m of working capital. Pan Am has four A300's with two more to be delivered in the next two months.
- 1 Lord Sewel quits: Peer 'boasts of having sex with BBC presenter and seeing 13 mistresses'
- 2 Kenya President Uhuru Kenyatta clashes with President Obama on LGBT equality: ‘Gay rights is really a non-issue’
- 3 Topshop pulls 'ridiculously skinny' mannequins after being shamed by customer on Facebook
- 4 Five-year-old boy forced classmate to simulate oral sex at primary school, claims mother
- 5 Black and ethnic minority people twice as likely to be hit by Tory cuts than white people, report finds
Mystery over deaths of 3,000 Napoleonic soldiers in mass grave has been solved
Boris Johnson apologises after giving his wife a 'backie' on his bike on the streets of London
Black and ethnic minority people twice as likely to be hit by Tory cuts than white people, report finds
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
Rolling Stones guitarist Keith Richards, 71, still enjoys 'an early morning joint' for breakfast
The 9 charts that show the 'left-wing' policies of Jeremy Corbyn the public actually agrees with
Labour leadership contender Jeremy Corbyn says 'we can learn a great deal from Karl Marx'
The last thing Labour needs is a leader like Jeremy Corbyn who people want to vote for
What the Labour party could look like under Jeremy Corbyn
I am the Jeremy Corbyn supporter that many will tell you doesn't exist
Public anger after French sunbather beaten up by gang for wearing a bikini in Reims park
iJobs Money & Business
£18000 - £40000 per annum: Recruitment Genius: This fast growing Insurance Bro...
£40 - 45k (DOE) + Benefits: Guru Careers: A Research Associate / Research Anal...
£30000 - £35000 per annum + benefits : Ashdown Group: Finance Accountant - Fin...
£90000 - £98000 per annum + benefits : Ashdown Group: A truly exciting opportu...