TWA’s Top Executive Pushes American Bid
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The CEO of Trans World Airlines told a federal bankruptcy court he will be forced to liquidate his carrier if a sale for most of its assets to AMR Corp.’s American Airlines is not approved.
William F. Compton, a former TWA pilot who still holds the title of captain, said such a liquidation could come “very quickly.”
“My belief is the transaction with American provides the best outcome for all of us,” Compton said during three hours of testimony in Wilmington. “We believe the American Airlines deal is the catch of the hail Mary.”
The American Airlines bid, worth $742 million plus the assumption of $3.5 billion in aircraft leases, was announced in principle Jan. 10--the same day TWA filed for bankruptcy for the third time in less than a decade.
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