AEROSPACE

TWA Emerges From Bankruptcy: St. Louis-based Trans World Airlines Inc. said its reorganization plan has become effective and that it will begin the distribution of new securities under the plan. On Aug. 4, U.S. Bankruptcy Court approved TWA’s critical debt restructuring plan, setting the stage for Chapter 11 emergence sooner than the airline had originally anticipated. TWA said the plan had reduced the carrier’s outstanding debt by about $500 million and was expected to cut its interest expense by more than $50 million a year. Burdened by a small cash stockpile, an old fleet and fierce competition, TWA in June filed its Chapter 11 petition after creditors voted to implement the carrier’s proposed debt restructuring in a so-called prepackaged bankruptcy filing.