SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 26, 1998
PAN AM CORPORATION
(Exact name of Registrant as specified in its charter)
9300 N.W. 36TH STREET, MIAMI, FLORIDA 33178
(address of principal offices)
305-873-3000
(Registrant's telephone number)
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Incorporation under the laws of the Commission File Number I.R.S. Employer Identification Number
STATE OF FLORIDA 0-23444 65-0450311
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
On February 26, 1998, Pan American World Airways, Inc., a Florida
corporation, and Pan American Airways Corp., a Florida corporation
(collectively, the "Debtor Subsidiaries") filed voluntary petitions for relief
under Chapter 11, Title 11 of the United States Bankruptcy Code with the United
States Bankruptcy Court for the Southern District of Florida, Miami Division.
The Debtor Subsidiaries are the two major airline subsidiaries of Pan Am
Corporation, a Florida corporation (the "Company"), and are wholly owned by the
Company. The Company did not file for similar protection.
The Bankruptcy filings resulted from the Debtor Subsidiaries' inability
to meet current operating requirements and other obligations. Chapter 11 of the
United States Bankruptcy Code allows the Debtor Subsidiaries to remain as
debtors in possession of their assets and business while being subject to the
supervision and orders of the Bankruptcy Court.
As a consequence of the filings, the Company announced that it was
ceasing airline operations while it sought debtor in possession financing. There
can be no assurances that such financing will be provided.
ITEM 5. OTHER EVENTS
The Company stated that it had been contacted by the American Stock
Exchange ("ASE") regarding noncompliance with the ASE's listing requirements
which if not met could result in the Company being delisted from the ASE. There
are no assurances that the Company will be able to meet such listing
requirements.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
(99) Press Release February 26, 1998
1
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned duly authorized.
PAN AM CORPORATION
By: /s/ John J. Ogilby, Jr.
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John J. Ogilby, Jr.
General Counsel and
Vice President-
Corporate Development
Dated: February 27, 1998
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EXHIBIT INDEX
EXHIBIT DESCRIPTION
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99 Press Release, February 26, 1998
PAN AM NEWS RELEASE
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For Immediate Release Contact:
Jeff Kriendler, Pan Am
305-873-6509
PAN AM AIRLINE SUBSIDIARIES FILE CHAPTER 11; PARENT TO SEEK
NEW FUNDING SOURCE
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MIAMI, Feb. 26 - The two major airline subsidiaries of Pan Am Corp.,
Pan American World Airways, Inc. (Florida) and Pan American Airways Corp.
(Florida), operating under the Pan Am brand, today filed for bankruptcy
protection under Chapter 11 of the U.S. Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of Florida, Miami Division.
As a consequence of the filings, Pan Am announced that it was
temporarily ceasing operations effective February 27 while the parent seeks
debtor-in-possession (DIP) financing.
The parent company, Pan Am Corp. (ASE:PAA) did not file for similar
protection and said that it will continue to seek outside sources of financing,
or a merger, to attempt to resuscitate the airline in the near future.
In the spirit of goodwill to serve passengers inconvenienced by the
shutdown, Pan Am has requested the cooperation of airlines on competing routes
to accept passengers who are ticketed on Pan Am, although there is no obligation
for them to do so. The airline has established the toll free number,
800-359-7262 for travelers who hold Pan Am tickets and need information on
refunds.
