TWA Retains Bankruptcy Counsel: Trans World Airlines,...

TWA Retains Bankruptcy Counsel: Trans World Airlines, which is known to be in serious financial condition, says it has retained bankruptcy counsel. This fact became known in routine filings with the SEC. The company said it intends to pursue restructuring efforts, but there can be no assurance it will be successful in such efforts. If TWA is not successful, it said, it might have to elect to seek protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. In order to be prepared for such an eventuality, it has retained counsel whom it did not identify.