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Judge approves American Airlines plan to auction TWA
A federal judge cleared American Airlines emergency financing of 200 million dollars for Trans World Airlines and approved an auction of TWA. The plan includes a 500 million buyout starting at 75 million more from bidders, plus a 65 million breakup fee if the deal fails. Concerns from Continental Northwest and Carl Icahn were rejected. Worldspan stake may also be bid separately under a negotiated concession to Northwest.
MENTIONED IN THIS ARTICLE
Wilmington, del
American Airlines
Trans World Airlines Inc
U.S
Sue L. Robinson
Continental
Northwest
TWA
Carl Icahn
American
William Compton
Worldspan Reservation Service
AMR Corp
Marty Heires
Continental Airlines
Dave Messing
Michael Palumbo
Icahn
Rothchild
David Resnick