NEW YORK — Pan Am's efforts to peddle key assets was thrown into doubt Tuesday with the rejection by its creditors committee of an offer from Delta Air Lines.
Delta and Pan Am management agreed to a $310-million deal for Pan Am's Northeast shuttle, European routes and other assets.
Delta said it will press ahead with its proposed offer. Creditor approval of asset sales is not needed but strengthens the chance it will win approval in bankruptcy court.
"We feel it's the strongest package available," Delta spokesman Neil Monroe said.
The rejection came as UAL Corp., parent of United Airlines, dropped its offer to buy Pan Am's Latin American routes after meeting with the struggling airline's creditors.
A United spokesman did not give a reason for withdrawing its $235-million offer.
However, an industry executive who requested anonymity said the creditors thought that the Delta deal was too low and were seeking to drive the bidding higher for Pan Am assets. Several phone calls Tuesday to a lawyer for the Pan Am creditors, Leon Marcus, went unreturned.