P.M. BRIEFING : Texas Air May Sell Reservation Unit
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NEW YORK — Frank Lorenzo’s troubled Texas Air Corp. is discussing the sale of its computer reservation system to a General Motors Corp. unit in a deal that could bring the airline concern as much as $400 million, according to a report published today.
Unidentified sources cited in the Wall Street Journal confirmed that negotiations with Electronic Data Systems Corp. were advanced and that barring a snag, an agreement could be forged within several weeks.
Analysts estimated that Texas Air’s System One, the third-ranked computer reservation system in the airline industry, could fetch between $300 million and $400 million.
Texas Air has given no indication of what it might do with the proceeds from any sale.
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