Icahn Warns of Bankruptcy Filing by TWA : Airlines: The chairman says the carrier may seek protection from creditors if it can’t persuade the government to approve its London routes sale soon.

Carl C. Icahn said Sunday that Trans World Airlines will file for bankruptcy protection if a decision is not made soon on the sale of its London routes to American Airlines.

He also accused Los Angeles investor Kirk Kerkorian, who wants to buy TWA, of trying to depress the carrier’s value.

The U.S. Department of Transportation last week delayed a final order on the London routes, giving Kerkorian more time to explain how he would keep TWA viable should he buy it.

“We feel if they extend this at all, we will probably file for bankruptcy,” Icahn said.

Meanwhile, American Airlines said Kerkorian is using the Transportation Department to conduct a hostile takeover of TWA. General Counsel Anne McNamara said Kerkorian is “abusing” the regulatory process by asking the Transportation Department for 60 days to talk to Icahn and look at TWA’s books before preparing an offer.

“He’s trying to cripple the airline,” Icahn agreed. “It’s all political.”

The government last month approved the sale of three of the six London routes.