Twa: Up, Up, And Away Again

The airline is cutting debt, hiring workers, and even showing a profit

In his first 24 months as chief executive of Trans World Airlines Inc., Jeffrey H. Erickson regularly spent 18-hour days rushing from one crisis to another. When he wasn't engaged in hardball negotiations with former TWA owner Carl C. Icahn, who remained a major lender, he was imploring creditors to exchange debt for equity.

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