Once the largest international air carrier in the United States, Pan American World Airways collapsed following bankruptcy in 1991. It was founded in 1927 as an air mail and passenger service from Key West, Fla. to Havana, Cuba.
On December 21, 1988, Pan Am Flight 103 (en route to New York) was the target of a terrorist attack that resulted in an explosion of the aircraft above Lockerbie, Scotland, claiming the lives of all 270 aboard. The airline was faced with a $300 million lawsuit from the families of the victims, and many travelers refused to fly with Pan Am out of fear of another attack. The company never fully recovered from the attack, and following bankruptcy, ceased operations in December, 1991.