Eastern Air Lines Corp., the defunct Miami-based carrier that has spent 10 years in bankruptcy court, has sold off assets in a series of transactions that all but ensure the company will live on for some time –a move that concerns some of the parties in the case.
John Sicilian, who is in charge of liquidating the remains of the company, recently sold two of Eastern’s operating units –both of them call centers –along with a stake it had in another company, for more than $13 million in cash, stocks and warrants. By taking a combination of cash and stock, the deals tie the payoff Eastern’s 700 creditors ultimately get to the fate of the acquiring companies. If the companies do well, so does Eastern. But the future of the acquiring companies is far from certain.
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