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STATEMENT BY SECRETARY OF TRANSPORTATION SAMUEL K. SKINNER

 STATEMENT BY SECRETARY OF TRANSPORTATION SAMUEL K. SKINNER
 WASHINGTON, Dec. 3 /PRNewswire/ -- Samuel K. Skinner, secretary of transportation of the U.S. Department of Transportation today issued the following statement on Delta/Pan Am bankruptcy action:
 "I am very disappointed to unexpectedly learn the Delta Airlines has decided not to go forward with its original transaction with Pan American Airlines. There is no one who is more disappointed than I am to learn of this event.
 "I understand that Pan Am creditors are exploring every possible alternative to see whether there is anything that can be done to avert the situation. Pan Am has been on the brink of financial difficulty for some years and actually sought subsidies from the CAB as early as 1974. Over the past decade we at the department have done everything we can including expediting the transfer of Pan Am's Pacific routes, its routes to London and most recently its European routes to Delta just a few months ago. And as recently as today we approved the transfer of Pan Am Express, Pan Am's Washington/Boston/New York shuttle operation to TWA, a mere ten days after we received the transfer application.
 "I an disturbed that Delta has taken this action with virtually no notice and after weeks of negotiations during which the implication was clearly that the deal was on track. The parties to the agreement, including the five unions which just recently voted concessions, all made good faith efforts to keep Pan Am a viable airline. Frankly, I am surprised that the parties didn't do a better job of anticipating events and prepare a plan to be able to fall back on."
 -0- 12/3/91
 /CONTACT: Bob Marx of the U.S. Department of Transportation, 202-366-5580/ CO: U.S. Department of Transportation ST: District of Columbia IN: TRN AIR SU:


PS -- NY108 -- 8976 12/03/91 19:19 EST
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Publication:PR Newswire
Date:Dec 3, 1991
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