A security officer escorts two men from the Pan Am terminal at John F. Kennedy Airport in New York City on Thursday. Pan Am Corp.'s two main airline units filed for Chapter 11 bankruptcy protection Thursday, a week after the company said it would lay off 225 employees, ground two of its largest planes and cut back routes. The cutbacks were not enough, and the airline was not able to obtain financing to avoid filing for bankruptcy, company spokesman Jeff Kriendler said. Some 1,450 people will lose their jobs. Pan Am had returned to the skies in September 1996, five years after filing for bankruptcy. It restarted as a shell of the once-thriving company that originally started in 1928.
Caption Only: Pan Am's fortunes plummet to a new low
By Deseret News