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Aviation merchant bank and consulting firm AVi8 Air Capital plans to back Pan American World Airways' return as a U.S. scheduled carrier. The group is advancing FAA certification and has signaled plans to fly Airbus aircraft -- a new twist for a storied brand long associated with Boeing widebodies.

AVi8 Air Capital is working with Pan American Global Holdings -- the Pan Am trademark holder -- on the latest revival of the beloved airline brand. The partners first announced their intent to return Pan Am to its operating airline status this June.

"We are excited to partner with AVi8 to explore how best to bring the Pan Am brand back to the skies as a scheduled commercial airline," said Craig Carter, CEO of Pan Am Global Holdings, Pan American World Airways LLC. "With its legacy of innovation, service excellence, and global connectivity, Pan Am remains a cherished name in aviation. Through this collaboration, we aim to assess a sustainable and forward-thinking approach to reintroducing scheduled commercial service under the Pan Am name - one that not only honors its legacy but also makes the Pan Am experience more accessible."

Avi8 issued a statement, saying: "Pan Am is more than just a brand -- it represents the most iconic name in commercial aviation history. Our team at AVi8 is honored to support Pan Am Brands in evaluating the best path forward for a modern, competitive, and customer-focused airline that honors Pan Am's historic legacy while embracing the future of aviation."

The companies announced last week that they had initiated the FAA certification process for a Part 121 airline operation and completed a business plan. "Once certified, Pan Am will be headquartered in Miami and operate a fleet of Airbus aircraft, subject to all FAA and DOT approvals," they said in a statement.

Pan Am's departure from Boeing aircraft reflects significant changes in the aviation industry over the past 34 years since the original airline went bankrupt. The Airbus A340 made its maiden flight on October 25, 1991, competing against Pan Am's much-loved Boeing 747 aircraft. On December 4, less than two months later, Pan Am ceased operations. Boeing dominated the narrowbody and widebody aircraft markets at the time, and Airbus was effectively dismissed as a competitor.

"At the beginning, nobody thought [Airbus] would work and now it's winning," Adam Pilarski, former chief economist at Douglas Aircraft, which was acquired by Boeing in 1997, told Reuters.

Recently, Airbus broke Boeing's long-standing lead on narrowbody deliveries, as the A320 finally surpassed the 737. However, Boeing retains its hold on the widebody market, with a 59% of widebody backlog compared to Airbus' 41%.

The latest venture attempting to revive Pan Am has not yet identified which Airbus types will make up the fleet: narrowbody, widebody, or a combination of both. The decision will likely hinge on the routes it intends to serve, whether the new Pan Am will be a domestic competitor or aims for the global service it offered in its heyday.

It is difficult for new U.S. airlines to break into the airline market, even if they have Pan Am's branding advantages. An airline's operations consume significant amounts of capital. Airlines must hire pilots, cabin crew, and technicians. A new Pan Am would need airport access. FAA certification and oversight can delay the launch of new operators. Before a revived Pan Am can take off, it must demonstrate operational readiness and financial fitness to regulators.

The brand has been resurrected several times since the original Pan Am folded -- none with lasting success.

In 1996, a new Pan Am launched from Miami International Airport with fanfare and great expectations, tapping deep into the appeal and nostalgia for the iconic brand. The "reborn" Pan Am flew mainline routes from Miami and New York and briefly operated a seaplane shuttle in Florida and the Bahamas. However, by February 1998, the airline revival had ended, with a Chapter 11 filing amid mounting losses and grounded aircraft.

A subsequent iteration, backed by Guilford Transportation (later Pan Am Systems), pivoted to a different strategy in 1999. It operated older Boeing 727-200s, and served secondary airports and leisure-focused routes. When it ceased operations in 2004, the name continued with the Pan Am Clipper Connection, which was operated by Boston-Maine Airways. It ultimately collapsed after federal authorities scrutinized the company's financial and managerial fitness; in 2008, the U.S. Department of Transportation revoked its operating authority, and Pan Am flights ceased again.

The latest attempt to bring back Pan Am would hinge on utilizing an efficient, modern fleet and offering mainline, scheduled airline service. Airbus aircraft could certainly provide efficiency, but whether the new Pan Am can compete with its three entrenched former competitors -- American, Delta and United -- or even with Southwest Airlines, remains unclear. Many other established U.S. carriers have ceased operations or been acquired in the years following the Pan Am collapse, and the marketplace has adjusted accordingly.

Partners aiming to revive Pan Am would need to provide critical details on the type of aircraft they plan to source, the scope of the new Pan Am's initial network, and prove they have the scale of funding required to sustain the service.

For now, the Pan Am reboot is a flight of fancy, not an airline selling tickets. History shows the brand's allure isn't enough on its own. The execution of the new Pan Am will determine whether the blue globe returns to scheduled service and keeps flying this time around.

While it may still resonate with those who lived through Pan Am times, the brand which banked on its long future with appearances on 2001: A Space Odyssey and Blade Runner (set in 2019) now must face that even those future sci-fi worlds are in the past. Nothing came out as anticipated.

The Latest Pan Am Reboot Abandons Legacy Boeing Ties: Will It Fly?