Icahn Says He Is Considering Sale of TWA to Employees
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KANSAS CITY, Mo. — TWA Chairman Carl Icahn confirmed he is considering selling the airline to employees, a newspaper said today.
The airline’s Machinists Union has proposed an employee stock ownership plan in which employees would buy stock in the company and perhaps participate in running it, Icahn said in an interview with the Kansas City Star.
Icahn’s statement is thought to be the first acknowledgement he is willing to sell TWA as a whole, the newspaper said.
Icahn said he was more optimistic about the employee buyout concept after meeting machinists’ union representatives Tuesday.
At this point, only the machinists union has been involved in buyout talks. TWA’s pilots, based in St. Louis, have said they would not participate in an employee buyout because of the heavy debt burden at TWA.
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