TWA Avoids Planes’ Repossession: The airline avoided...

TWA Avoids Planes’ Repossession: The airline avoided bank repossession of 10 airplanes and 62 engines, putting the matter off for at least 60 days as it bought back an interest in the equipment at a fraction of its face value. The Connecticut National Bank had recently obtained a federal court order that would let it repossess the planes and engines because TWA is in default on payments. A repossession of the equipment would probably force the struggling airline to shut part of its business. But TWA was able to buy back more than $30 million worth of the debt securities backed by the planes and engines at 77.5 cents on the dollar.