Business: CAT in a Corner

When the Flying Tigers' boss, General Claire Chennault, domesticated some war-weary military transports and U.S. fighter pilots following World War II, hardly anyone expected the ragtag operation to last for long. In fact, his CAT (for Civil Air Transport) blossomed into one of the best-run airlines in all of Asia, flying out of Taipei around the Communist perimeter from Seoul to Bangkok. But now, CAT's string seems to have run out.

Last week CAT announced that it was suspending all international passenger flights after the airline's only jet, a leased Boeing 727, nosed...

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