AIRLINES
From Times Staff and Wire Reports
TWA Passes to New Ownership: Trans World Airlines Inc. emerged from Chapter 11 bankruptcy protection as the property of its employees and creditors. The carrier is being run by industry veterans, among them William Howard, former chairman of Piedmont Airlines. TWA is to distribute new common stock to its creditors, who now hold 55% of the airline, and to the 25,000 employees who together own 45%. The stock will be listed on the American Stock Exchange, but it was uncertain when trading would begin.
