Bank Delays TWA Plane Repossession: Trans World...
From Times Staff and Wire Reports
Bank Delays TWA Plane Repossession: Trans World Airlines said it talked Connecticut National Bank into holding off on plans to repossess aircraft and engines until tonight. The bank recently won a federal court order that would have let it repossess 10 planes and 62 engines from TWA, which is in default on tens of millions of dollars of debt. The airline said the bank agreed to delay any attempt to repossess the planes until 9 p.m. today. By then, TWA said, it hopes to have repurchased notes with a face value of $30 million, roughly one-fourth the total.
