After 15 Years, Pan Am Bankruptcy Nears End

Law360, New York (August 17, 2006, 12:00 AM EDT) -- Pan Am World Airways’ 15-year stay in bankruptcy may soon draw to a close. As soon as the airline receives a $30 million payment from the government of Libya, it will finally pay off the last of its creditors.

Pan Am has not been operational since December 1991, when it officially shut its doors just one year after filing for Chapter 11 bankruptcy protection.

The carrier’s downfall was spurred by a terrorist attack on Pan Am flight 103, which crashed in Scotland after a bomb exploded...
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