Like mammoth prehistoric birds, Pan American World Airways and Trans World Airlines face a threat of extinction because of changing conditions, notably a fourfold rise in fuel prices and a deep slump in international air travel. Having failed in an attempt to wangle Government subsidies to keep them aloft, the two carriers last week unveiled the first move in their strategy for survival: a far-reaching, five-year swap of overseas routes that would drastically reduce head-on competition between the American giants and, they hope, allow them to fly planes somewhat more fully loaded...
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