October 4, 1989 |
Los Angeles financier Alfred A. Checchi said Tuesday that he will not take on a new equity partner to replace $225 million of the equity that KLM Royal Dutch Airlines contributed in June to help him buy NWA Inc., parent of Northwest Airlines. Checchi, who assumed the title of chairman and chief executive last week after the sudden resignation of Steven G. Rothmeier, also said in a telephone interview that he was not surprised that Rothmeier decided to leave.
September 30, 1989 |
The Transportation Department announced Friday its approval of the takeover of Northwest Airlines but ordered a reduction of more than 50% in the investment in the new company by KLM Royal Dutch Airlines. The Bush Administration, which is determined to avoid the prospect of foreign control of an American carrier, insisted on the changes in the structure of the complex buyout of NWA Inc., the parent company of Northwest.
September 26, 1989 |
The Department of Transportation has told the owners of Northwest Airlines that it wants KLM Royal Dutch Airlines to reduce its investment in the airline, according to a source close to the situation. The action by the DOT could affect future airline mergers, particularly the pending buyout of UAL Corp., the parent of United Airlines. UAL is being acquired by an employee group with the help of a $750-million investment by British Airways.