TWA to devise revival scheme

TRANS World Airlines Inc, reported a loss for the quarter and full year, yesterday

TRANS World Airlines Inc, reported a loss for the quarter and full year, yesterday. It said it was taking actions to revive its restructuring plan, which stalled last year following the mysterious crash of one of its planes last summer.

TWA reported a 1996 loss of $284.8 million (£182.5 million), including special charges of $85.9 million, or $7.27 a share, on revenues of $3.55 billion. In 1995, TWA lost $227.5 million on revenues of $3.32 billion.

"The tragic loss of TWA Flight 800 in July had an unquantified but significant negative business impact," TWA chairman, Mr Gerald Gitner, said in a statement.

Mr David Kennedy, the former managing director of Aer Lingus, is one of three board members appointed in recent months to run TWA. He is acting executive vice-president and chief executive officer with responsibility for long-term marketing, planning and operations.

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He has said that the appointment is an interim measure pending the full-time appointment.