TWA and Carl C. Icahn reported an agreement.

Under the agreement, Icahn's investor group, which currently owns more than 52% of Trans World Airlines' total common shares outstanding, agreed to pay $19.50 in cash and $4.50 of a new TWA preferred stock for each share that it does not own. The definitive agreement was approved by TWA's board of directors, most of whom then quit the board as part of the accord with Icahn. The agreement's terms match the offer that Icahn previously had made during his bitter battle with Texas Air to acquire TWA.