Pan Am's senior executives outlined a projected shortfall of between $100 million and possibly $200 million, with the airline requiring a $25 million installment just to fly through the following week. On the evening of December 3, Pan Am's Creditors Committee advised US Bankruptcy Judge Cornelius Blackshear that it was close to convincing an airline (TWA) to invest $15 million to keep Pan Am operating. A deal with TWA owner Carl Icahn could not be struck. Pan Am opened for business at 9:00 am and within the hour, Ray was forced to withdraw Pan Am's plan of reorganization and execute an immediate shutdown plan for Pan Am.
