AIRLINES

Pact Ends Icahn’s Control of TWA: A U.S. Bankruptcy Court in Wilmington, Del., approved a deal that brings to a close financier Carl Icahn’s stormy control over Trans World Airlines Inc., which he has called his worst investment of the last decade. Bankruptcy Judge Helen Bailick approved a TWA settlement with Icahn, the airline’s creditors, pension guarantors and unions. The pact would wipe out more than $1 billion in TWA debt and transfer ownership of the airline from Icahn to its employees and unsecured creditors. “Mr. Icahn will no longer be involved with TWA,� Bailick said in approving the plan, under which employees will own 45% of the airline and creditors will own 55%.