Word: twa
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...celebrate his victory in the hostile takeover battle for Trans World Airlines in August 1985, corporate raider Carl Icahn donned a pilot's cap and uniform jacket and paraded triumphantly around his Manhattan office. The parade didn't last long. Plagued by labor strife, mounting losses and bruising competition, TWA became more of a financial straitjacket for the erstwhile wizard than the trophy he had envisioned. In recent years, as he struggled to keep the now bankrupt carrier aloft, Icahn groped for a graceful way to bail out. Despite near frantic efforts, he was unable to find a willing buyer...
...spokesman at New York's Kennedy Airport was incredulous that everyone on this gutted plane had survived. The fire aboard TWA Flight 843 erupted in the rear of the L-1011 jumbo jet as it was about to lift off for San Francisco with 292 aboard. The pilot aborted the takeoff, the plane crashed through a runway barrier and the crew chuted out the passengers with expert precision; 55 people suffered minor injuries. Other air travelers were not so lucky. A Thai jetliner carrying 113 people reportedly slammed into a Himalayan mountainside as it approached Katmandu, Nepal; all are feared...
...hopes for profits this year staggered airline stocks last Thursday before a rebound the next day. Analysts said the carriers now seemed certain to run once more in the red, after losing more than $6 billion since 1990. That could make it tougher for weak airlines such as TWA and Continental, which are in Chapter 11 bankruptcy proceedings, to continue...
...sprung up over whether the country would be better off if sick firms were allowed to die. Last year nearly 21,000 firms filed Chapter 11 petitions, the most since 1986. More significant, many of the new cases are mammoth, involving such familiar names as Macy's, TWA and Orion Pictures. While few large companies entered Chapter 11 before the mid-1980s, more than a dozen with assets exceeding $5 billion have taken refuge there in the past three years...
Inside ailing companies, Chapter 11 filings can lower morale and strain already tense relations between bosses and employees. Some TWA workers question owner Carl Icahn's motives for placing the airline in Chapter 11 in January. Instead of striving to clean up the company's finances, they say, Icahn's real goal may be to use Chapter 11 as a shelter from which to conduct fare wars like his current battle with American Airlines. "Chapter 11 can be a good opportunity for a company to cleanse itself of past mistakes," says Bill Compton, chairman of the pilots' union local...