Lorenzo May Try to Re-Acquire Eastern Assets:...

Lorenzo May Try to Re-Acquire Eastern Assets: The Miami Herald says Frank Lorenzo may try to re-acquire some of Eastern Airlines’ assets from creditors who wrested control of the financially troubled company from him in April. Lorenzo, whose Texas Air changed its name to Continental Airlines Holdings Inc. in June, wants some of Eastern’s planes and its gates and slots in Atlanta and the Northeast, the newspaper said, citing sources familiar with the carrier’s troubles. As head of Texas Air, then the parent company of Eastern Airlines, Lorenzo oversaw Eastern’s filing for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code after a crippling strike by pilots, flight attendants and ground workers in March, 1989. Under bankruptcy law, he is free to bargain with creditors for assets he wants.