Eastern Cuts Payout Estimate: Unsecured creditors of...

Eastern Cuts Payout Estimate: Unsecured creditors of Eastern Airlines would receive only between 6.7 cents and 14.3 cents on the dollar if the airline were to be liquidated, the airline’s lawyers revealed in court. The new estimate is much lower than the 25 cents on the dollar the airline offered earlier this month. The new figures were revealed as the airline’s creditors pressed their case for the appointment of a trustee to oversee the day-to-day affairs of the airline, which filed for Chapter 11 bankruptcy protection in March, 1989.