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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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100989
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10098900.003
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1990-09-18
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BUSINESS, Page 80Business NotesAIRLINESRound Trip To Bankruptcy
When Braniff airlines suddenly canceled virtually all its 256
daily flights last Wednesday, many customers must have had a
sinking sense of deja vu. Just five years after the airline emerged
from a two-year bout with Chapter 11, Braniff said it was filing
for bankruptcy protection once again. The company's decision seemed
all the more abrupt because only last May it moved its headquarters
from Dallas to Orlando and ordered 50 new Airbus A320 jetliners for
$2 billion.
Braniff's bullish executives had hoped to find a niche for the
midsize airline by developing a hub at the Kansas City airport, an
opening that was created by a retrenchment at bankrupt Eastern
Airlines. But Braniff's business failed to grow fast enough to
support its debt payments. When a recent bridge financing deal for
$75 million fell through, Braniff was strapped for cash. The
bankrupt airline, which has laid off 2,800 of its 4,800 employees,
hopes to rebuild slowly.