TWA is reported near an amended deal with Icahn.

Industry sources said that Trans World Airlines, trying to curtail losses that mounted to $13.5 million in the third quarter, is on the verge of reaching a merger agreement with financier Carl C. Icahn. The sources said the TWA board now is considering Icahn’s latest offer of $11 a share in cash and $13 a share in a new convertible preferred stock. This would mean that Icahn, who already owns 51% of TWA’s stock, has significantly amended his original offer to purchase the remaining outstanding shares for $24. TWA refused comment on the report, saying only that talks were ongoing.