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BUSINESS
February 8, 2001 | Reuters
An independent group of investors said it plans to bid nearly$1 billion for Trans World Airlines, which is already the target of a bid by American Airlines. The newly formed Jet Acquisitions Group Inc. said it wants to preserve TWA as an independent airline. The group said it will propose the elimination of current debt, retention of current employees, modernization of facilities and substantial expansion.
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BUSINESS
January 30, 2001 | Reuters
Trans World Airlines has asked a bankruptcy judge to OK the nixing of former TWA President Carl Icahn's cheap-ticket deal with the airline, which it called a financial sinkhole that could jeopardize its plans to be acquired by American Airlines. TWA said the contract with Icahn is an impediment to an auction of its assets by the March 12 deadline of its deal with American Airlines parent AMR Corp. and could force TWA into liquidation.
NEWS
January 28, 2001 | From Times Wire Reports
A federal bankruptcy court judge approved American Airlines' $200-million emergency financing plan for Trans World Airlines Inc. and cleared the way for an auction of the nation's longest-flying airline. U.S. District Judge Sue L. Robinson rejected objections by Continental and Northwest, which both wanted parts of TWA, and by former TWA owner Carl Icahn, who some observers blame for TWA's financial trouble.
BUSINESS
January 25, 2001 | From Reuters
Two U.S. airlines have come forward to challenge the planned $500-million sale of Trans World Airlines Inc. to American Airlines, saying they could make more attractive offers for TWA's assets. In court papers released Wednesday, Continental Airlines Inc. said it would be willing to pay as much as $400 million for some of those assets as part of an alternative plan for TWA's emergence from bankruptcy. TWA, the eighth-largest U.S.
NEWS
January 18, 2001 | From Reuters
The investigation of the TWA Flight 800 explosion was the most expensive and highest profile crash probe ever conducted by U.S. safety and law enforcement investigators. But investigators believe they can use the debris recovered from the crash as the centerpiece of a new training facility.
BUSINESS
January 17, 2001 | From Associated Press
Carl Icahn, the billionaire financier who formerly ran Trans World Airlines Inc., is reportedly trying to line up partners for a rival bid against American Airlines' offer for the financially ailing carrier's assets. Icahn's attorney, Edward Weisfelner, told the Dallas Morning News in Tuesday's editions that he will not reveal the identity of any third party his client has contacted to join his bid. "The ground rules . . . make it awfully difficult to afford a competing bid," Weisfelner said.
BUSINESS
January 14, 2001
As a frequent flyer of TWA, I'm sorry to see a 75-year-old airline with such a magnificent and innovative past get gobbled up ["American Confirms Plans to Buy TWA, Assets of US Air," Jan. 11]. As a resident of Los Angeles, I have the luxury of picking just about any carrier for my heavy business travel. I've chosen TWA regularly because, even though its route structure is a bit lacking, it is consistently on time and reliable. When I get off a TWA flight and they tell me they appreciate my business, I believe they mean it. I'll miss the small-airline feel and the personal touch at the TWA Ambassadors club at Los Angeles International Airport, where a retired captain with 40 years' service greets and jokes with passengers.
BUSINESS
January 13, 2001 | Reuters
Financier Carl Icahn is threatening to sue AMR Corp.'s American Airlines to preserve a lucrative contract he has with Trans World Airlines Inc., adding another potential obstacle to American's planned buyout of TWA. "We're focused on a number of different alternatives. Principal among them is a suit against American Airlines" for interfering with the contract, under which Icahn buys discounted tickets from TWA for resale, Ed Weisfelner, Icahn's lawyer in the TWA bankruptcy case, said.
BUSINESS
January 11, 2001 | JAMES F. PELTZ, TIMES STAFF WRITER
The prospect of only two airlines controlling half of U.S. air travel moved closer to reality Wednesday as AMR Corp., the parent of American Airlines, confirmed plans to buy Trans World Airlines Inc. and a big chunk of US Airways Group Inc. for a total of nearly $2 billion. American's deal follows plans by United Airlines and its parent, UAL Corp., to buy the majority of US Airways for $4.3 billion. Assuming all of the deals are completed, about 50% of U.S.
BUSINESS
January 10, 2001 | SIMON HIRSCHFELD, REUTERS
The board of Trans World Airlines Inc. on Tuesday approved a plan to file for Bankruptcy Court protection and accept a buyout offer from AMR Corp.'s American Airlines for $500 million plus the assumption of $3 billion of aircraft leases, the Wall Street Journal said. AMR's board met separately to approve the TWA purchase and another deal, to buy some assets from US Airways Group Inc. for $1.3 billion, as UAL Corp.'s United Airlines purchases the rest of US Airways.
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