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 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...