The Treaty of Heathrow

U.S. and British officials divvy up airline rights, adding routes and risks on both sides of the Atlantic

The negotiations must have been successful: each side thought the other guy got the better of the deal. That was the reaction among industry officials last week when U.S. and British negotiators finally completed a new transatlantic airlines accord, settling a major dispute over access to London's Heathrow Airport and for the moment keeping poor Pan Am alive by the skin of its fuselage.

The battle was joined last fall when Pan Am, surviving only by auctioning off pieces of itself, agreed to sell its valuable gates and landing slots at Heathrow to United Airlines for $290 million. Ailing TWA soon...

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