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TWA TO PURCHASE PAN AM EXPRESS

 TWA TO PURCHASE PAN AM EXPRESS
 MOUNT KISCO, N.Y., Nov. 25 /PRNewswire/ -- In a major step toward


establishing a new domestic hub at JFK International Airport, Trans World Airlines, Inc. today announced the execution of an agreement to purchase substantially all of the assets of Pan Am Express for $28 million -- consisting of $8 million in cash and the assumption of various liabilities. Pan Am Express is a commuter carrier that conducts a substantial feeder operation at JFK and Miami's International Airport.
 In commenting on the acquisition, TWA's Chairman and CEO Carl C. Icahn noted, "I am pleased to be able to announce this important step in the expansion of TWA's domestic operation. The TWE operation at JFK will provide significant feed for our international operations and will also be a significant cog in our new JFK domestic hub."
 The transaction is subject to the approval of the Pan Am Bankruptcy Court as well as certain regulatory approvals and will be accomplished through Trans World Express, Inc. (TWE), a subsidiary of TWA. The acquisition is expected to be completed on Dec. 3 and TWE will immediately begin to fly its scheduled commuter operation to all cities currently served by Pan Am Express out of JFK and Miami.
 Included in the sale are 18 jet slots at JFK which will also be used by TWA in its new domestic hub. The Miami commuter service will initially serve, under a code-sharing agreement with Pan Am, as a feeder for Pan Am's Latin American operation and will ultimately be utilized by TWA as part of an expanded Florida and Caribbean operation.
 All employees of Pan Am Express will be offered employment by TWE. Its fleet consists of 11 ATR-42 aircraft (seating up to 46), nine de Havilland Dash 7 aircraft (seating up to 50), and ten Jetstream 32 aircraft (seating up to 19). The cities served out of JFK are: Baltimore, Boston, Buffalo, Norfolk, Philadelphia, Pittsburgh, Rochester, Syracuse and Washington, D.C.'s National.
 -0- 11/25/91
 /CONTACT: Don Fleming of TWA, 914-242-3760/ CO: Trans World Airlines, Inc.; Pan Am Express ST: New York, Florida IN: AIR SU: TNM


GK-TS -- NY007 -- 6679 11/25/91 08:39 EST
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Publication:PR Newswire
Date:Nov 25, 1991
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