Bankrupt Braniff and PSA agree to form joint airline

Braniff International and PSA Inc., which operates Pacific Southwest Airlines , signed an agreement to set up a joint airline venture that will utilize planes , staff, and facilities of the bankrupt Braniff, Braniff officials said.

Before the venture gets under way, it needs the approval of the bankruptcy courts, Braniff creditors, unions, and the Federal Aviation Administration. Braniff said the venture might provide jobs for about 1,500 of the 9,000 Braniff workers who lost jobs last May, when the airline filed for bankruptcy.