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To: Ron McKinnon who wrote (14337)	5/19/1998 5:30:00 PM
From: Susan Saline	Read Replies (1) of 53068

Pan Am If the company comes out of backrupcy, will I still own my stock or will it be worthless? --------------------- Tuesday May 19, 3:05 pm Eastern Time Pan Am says reaches deal with creditor MIAMI, May 19 (Reuters) - Pan Am Corp. Tuesday said it took a major step toward reorganizing out of bankruptcy by reaching an agreement with major secured creditor NationsBank Corp. (NB - news). The bank would receive $20.5 million following a plan confirmation hearing scheduled for June 29, the airline said in a statement. In addition, Pan Am said Wexford Management LLC has informed the airline it will not make a competing offer to Guilford Transportation Services' reorganization plan. The airline filed for bankruptcy in February. On May 6, the company won court approval for a buyout by Guilford. At the time, hedge fund operator Wexford said it might make a counter offer. ''NationsBank's support eliminated the last major obstacle to a successful reorganization of the airline,'' the company said in a statement. ''The deal was made possible by Guilford increasing its prior offer by $1 million to $24.5 million to purchase most of Pan Am's assets, and unsecured creditors agreeing to defer some payments,'' the statement added. Pan Am said it will file its reorganization plan May 20 and seek final court approval on June 29. ''The plan provides that Pan Am's existing equity will be extinguished upon confirmation and will not represent any interest whatsoever in the reorgnized debtor,'' the statement said.

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