Twa Taxis Toward Solvency Maybe
Now that pilots have joined machinists and flight attendants in agreeing in principle to a recapitalization, Trans World Airlines is closer to emerging from bankruptcy. CEO Carl Icahn will give up his 90% stake in the airline and kick in $200 million to help finance the carrier's underfunded pension plan. In exchange for 15% wage cuts, employees will get 45% of the airline. Creditors will get 55%.
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