Bankrupt Pan American World Airways Inc. ceased operations yesterday, reducing the already poor chances that holders of its $395 million of unsecured debt will get anything from the fallen carrier.

"I would presume that unless there is an eleventh-hour and 59th-minute resurrection, they'll be liquidating, Robert H. Ray, an associate director at Moody's Investors Service, said yesterday. Odds of a resurrection are poor, he said.

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