TWA CONCLUDES DEAL FOR PAN AM EXPRESS

              TWA CONCLUDES DEAL FOR PAN AM EXPRESS
   MT. KISCO, N.Y., Dec. 4 /PRNewswire/ -- Trans World Airlines

announced tAm Express, for $6.8 million in cash and the assumption of various liabilities. In connection with the acquisition, TWE has offered employment to all Pan Am Express employees. The transaction includes 11 ATR-42 aircraft (seating 46), 9 de Havilland Dash 7 aircraft (seating 50) and 10 Jetstream 32 aircraft (seating 19).

    In his announcement of the acquisition today, TWA's Chairman and CEO Carl C. Icahn noted, "This represents an important step in the expansion of TWA's operation with plans for new service for airports serving the Greater New York area as well as expanded service to Florida and the Caribbean."
    Trans World Express (TWE) has commenced operations out of JFK using TWA terminal A providing service to Baltimore, Boston, Buffalo, Norfolk, Philadelphia, Pittsburgh, Rochester, Syracuse and Washington National Airport.  This acquisition is part of our plan to enhance service over the Greater New York area and provide point-to-point same day service from and to all of these cities.
    The Florida commuter service acquired in this same transaction was interrupted today by the sudden shutdown by Pan American World Airways. TWE will commence Florida operations beginning tomorrow (Dec. 5) with a temporarily modified schedule.  Passengers holding tickets on Pan Am Express should contact TWA reservations to verify schedules and ticket status.
    -0-           12/4/91
    /CONTACT:  Don Fleming of TWA, 914-242-3760/ CO:  Trans World Airlines; Trans World Express; Pan Am Express ST:  New York, Florida IN:  AIR SU:  TNM

PS -- NY095 -- 9432 12/04/91 18:27 EST