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People Express plans to acquire a regional carrier.

February 03, 1986

The airline said it has tentatively agreed to provide Provincetown-Boston Airline with a desperately needed cash infusion and eventually to buy the troubled commuter carrier. As part of the arrangement between Naples, Fla.-based Provincetown and Newark, N.J.-based People, PBA's secured creditors agreed to pump an additional $500,000 into the carrier, People Express said. In addition, People said it has agreed to provide as much as $700,000 in additional loans to PBA. "The terms of the proposed acquisition have not yet been negotiated," People Express said.

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