TWA cleared to leave bankruptcy
A judge approved an agreement between Trans World Airlines Chairman Carl Icahn and one of TWA's biggest creditors, clearing the way for the airline to emerge from bankruptcy.
The settlement yesterday with the Pension Benefit Guaranty Corp., the federal agency that backs workers' pensions, ends a dispute over under-funded pension plans that had been the last major obstacle to TWA's reorganization. As part of the reorganization, ownership of TWA will shift from Mr. Icahn to the airline's creditors and unions. Mr. Icahn will resign.
Primerica buys into Travelers
Travelers Corp. said yesterday that it completed the sale of a 27 percent stake to Primerica for a combination of $550 million cash, ownership of Primerica's group health insurance unit and a stake in its commercial insurance unit.
U.S. approves newspaper plan
The Justice Department yesterday approved the Pittsburgh Post-Gazette's plan to buy the rival Pittsburgh Press and shut it down. The decision clears the way for publication of a daily newspaper in the city for the first time since a strike began more than seven months ago. The Post-Gazette hopes to resume publishing Jan. 18.
B&D subsidiary lands contract
PRC Inc., the computer services subsidiary of Black & Decker Corp., won a contract to help upgrade the computer system of the National Weather Service that could bring $226 million to the McLean, Va., company over the next 12 years. The contract, signed Tuesday, came two months after PRC won a nine-year computer contract with a potential value of $2.5 billion from the federal government.
Timonium One office lease
Maryland Casualty Corp. has signed a lease for an extra 38,000 square feet of office space at the Timonium One complex on Greenspring Drive, giving a major boost to a building that has struggled to increase occupancy since Blue Cross and Blue Shield of Maryland moved to Owings Mills.
Grace sells chemical division
W.R. Grace & Co. said it completed the sale of its organic chemicals business and a share of its cocoa and chocolate business. The organic chemicals division was sold for more than $100 million to a management group led by a private investment firm, Vestar Capital Partners Inc., Grace said yesterday.