Pan American World Airways seemed, until a few days ago, to have found a most ironic way out of a financial nosedive caused largely by doubled fuel bills. The government of Iran, one of the nations most instrumental in forcing up petroleum prices, had been negotiating to provide the airline with $300 million so that it could pay off restless American creditors and rebuild working capital. Last week irony was followed by intense disappointment; the deal appeared to have fallen through, leaving Pan Am facing another money squeeze.
Though the Iranians refused to say whether the loan was on or...
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