Progress Seen for Eastern: Eastern Airlines’ plan...

Progress Seen for Eastern: Eastern Airlines’ plan to come back as a smaller version of its pre-strike self appeared to be gaining ground on the eve of a hearing at which a court-appointed examiner was scheduled to report on whether Eastern’s plan or some other should be pursued. Although two investor groups seeking to buy the airline were trying to put together deals, as of Wednesday night neither appeared solid enough to persuade the court and the creditors to endorse it. Creditors already have rejected one proposal by a group headed by former Piedmont Aviation Chairman William R. Howard. A rival bid by Chicago options trader Joseph Ritchie did not have firm commitments for $100 million in cash, a requirement that had been stipulated.