Aug 20, 2007
Just a few months ago Northwest Airlines was claiming to be bankrupt, using the courts to legally junk its union contracts and imposing big cuts in jobs, pay and benefits on its entire workforce.
Today, it cut a deal with private equity firm TPG to buy Midwest Airlines for 450 million dollars, with the possibility of buying out TPG and taking over Midwest completely at a later date.
Where did Northwest get the money? Wasn’t it supposed to be nearly broke?