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Financier Carl Icahn reached a $43 million agreement Friday with Pan Am Corp. to buy some of its assets and start a new Pan Am airline, company lawyers said.
But a U.S. Bankruptcy Court judge indicated in a hearing in Miami that the court is likely to reject the accord because it amounts to liquidation, a Pan Am attorney said.
The Miami-based company’s airlines filed for Chapter 11 bankruptcy protection on Feb. 26 and shut down operations. Pan Am had searched for financing until it signed the agreement with Icahn, who bailed out Trans World Airlines in the 1980s.
