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TWA HAS NO OFFER FROM USAIR; ACCEPTANCE OF ANY OFFER FOR TWA ASSETS WILL CONSIDER PASSENGERS AND EMPLOYEES FIRST -- ICAHN

 TWA HAS NO OFFER FROM USAIR; ACCEPTANCE OF ANY OFFER FOR TWA ASSETS
 WILL CONSIDER PASSENGERS AND EMPLOYEES FIRST -- ICAHN
 MT. KISCO, N.Y., June 29 /PRNewswire/ -- A report in today's Wall Street Journal of an impending acquisition of TWA assets by USAir is premature. "While Trans World Airlines has had discussions with USAir and others, at this point TWA has not received an offer from USAir. These contacts are among several alternatives being evaluated concerning the structure of the airline," said TWA Chairman and CEO Carl C. Icahn. "In considering these alternatives TWA is keeping in mind that our primary obligations are to our passengers, our employees and our creditors."
 In recent months TWA has scored several achievements including high load factors, vastly improved on-time performance and consumer satisfaction, and the expansion of enthusiastically received hubs at New York's JFK Airport and Atlanta's Hartsfield International Airport. The success of these initiatives is due in large part to its commitment for a low-cost alternative for the business traveler, and the performance of TWA employees. At the same time, yields are low and revenues for all the leading American carriers have been depressed for the summer owing to the volatile and destabilizing fare wars and an economy that remains sluggish for the foreseeable future.
 "The entire industry has experienced a two year stretch of losses totalling in excess of $6 billion -- more than the combined profits of all U.S. carriers since the dawn of commercial aviation," said Icahn. "Clearly there is a virus in our midst which must be addressed, and one of the ways to address it is through a complete review of all operations, options and potential merger partners."
 -0- 6/29/92
 /CONTACT: Don Fleming of TWA, 914-242-3760/
 (U) CO: Trans World Airlines; USAir ST: New York, District of Columbia IN: AIR SU:


KD-PS -- NY078 -- 4913 06/29/92 17:12 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
Words:315
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