TWA Bankruptcy Agreement Approved; Employee Ownership Drops to 30%

TWA, which continues to advertise itself as "employee owned," has received approval for a Chapter 11 bankruptcy reorganization that it and its unions believe will lead to a recovery. As part of the agreement, however, employee ownership will drop from 45% to 30%. TWA has already successfully initiated a variety of employee involvement programs and operating results have improved, although most analysts still believe the airline's future is shaky.