After 20 months of operating out of bankruptcy, TWA re-entered Chapter 11 protection in early July. The filing is prepackaged - as it was when it sought protection in January 1992 - and will give creditors a 70 per cent stake in the 'new' TWA in a $500 million debt-for-equity swap. Airline officials hope to get court approval and be out of bankruptcy by September.

Source: Airline Business