AIRLINES

TWA Pilots OK Restructuring Proposal: Leaders of Trans World Airlines’ pilots union approved a restructuring plan offered by TWA’s creditors, removing another hurdle to the airline’s emergence from bankruptcy. The Air Line Pilots Assn. joined two other unions in accepting a bailout plan that will give employees a 45% stake in the airline. In return, employees will take 15% wage and benefit cuts and agree to work-rule concessions. The plan calls for creditors to receive 55% of the airline as well as debt securities and preferred stock. The only remaining opposition to the restructuring plan comes from the Pension Benefit Guaranty Corp., which said it doesn’t fully account for the $1.2-billion shortfall in TWA’s pension funds.