AIRLINES

Icahn Resigns as TWA Chairman: Carl C. Icahn turned over ownership of Trans World Airlines Inc. airline to its creditors and union employees, ending a tumultuous seven-year reign at the carrier. Icahn, the airline’s owner since 1986, stepped down from his positions as chairman and chief executive and surrendered his 90% stake in TWA’s common stock and his unspecified holdings of preferred stock. The investor, whose other holdings include railroad car leasing company ACF Industries Inc., also loaned TWA $150 million in cash, on top of $50 million he loaned the airline last month. Icahn said TWA, with a reduced cost structure, can now compete against industry giants in poor financial shape because of their high costs and large investments in aircraft.