Continental Airlines and Northwest Airlines have stepped into the fight for the assets of bankrupt Trans World Airlines with separate proposals to the court administering the Chapter 11proceedings to purchase various parts of the carrier. American Airlines, which has offered to acquire the entire airline for $500 million, has accused the two of asset stripping. Continental says it will pay up to $400 million for slots and gates at TWA's major destinations. It has also offered a marketing deal if the airline emerges as an independent operator. Northwest says it will bid for TWA's share in the Worldspan computer reservations system. Carl Icahn, the ex-owner of TWA, also says he will help refinance the airline.
Source: Flight International