Apparently there was a buyout/bankruptcy/reorg in the early 80’s. That airline was a discount airline:
https://tshaonline.org/handbook/online/articles/epbqm
“Two attempts to resurrect the airline failed. In 1983 the Pritzker family of Chicago obtained bankruptcy-court approval for a $70 million offer to revive the airline. In 1984 a new Braniff, Incorporated, launched its first flight with a fleet of thirty planes under the direction of president William Slattery, formerly chief of European operations for Trans World Airlines. Of the company’s 2,200 employees, 98 percent had worked for the old Braniff and agreed to return to work for lower wages. The low-cost airline, headquartered in Dallas, operated routes out of Dallas-Fort Worth International Airportqv to twenty-one cities.”