Barrier to TWA sale lifted
The federal government yesterday removed a major obstacle to the sale of Trans World Airlines to its creditors and employees, lifting a demand that the carrier first settle a $1.2 billion pension fund shortfall.
Under an agreement with the federal Pension Benefit Guaranty Corp., TWA would pay small parts of the shortfall over 15 years. In the meantime, the PBGC, the government agency that guarantees pensions, would pursue TWA Chairman Carl Icahn and his other businesses for the entire $1.2 billion deficit.
The agreement was reached yesterday morning and presented later in the day to U.S. Bankruptcy Court in Wilmington, Del.,where TWA is undergoing reorganization.
Carter Hawley out of Chapter 11
Carter Hawley Hale Stores Inc. said that it has emerged from bankruptcy protection, after filing for Chapter 11 in February 1991. Chairman Philip Hawley said that while reorganization is a positive step for the company, "much remains to be done in the areas of rebuilding our profitability and satisfying customers."
Since the Los Angeles-based department store retailer filed for Chapter 11 protection last year, it has streamlined operations. Carter Hawley Hale Stores Inc. operates 87 stores under the names of The Broadway, The Broadway Southwest, Emporium and Weinstocks.
Martin to trim 300 jobs in Fla.
Martin Marietta Corp. said it plans to cut 300 jobs at its information systems division in Orlando, Fla., by the end of the year.
A spokesman for the Bethesda-based company said the reductions were "over and beyond" an earlier companywide projection that about 3,600 jobs would be eliminated through 1992. The company currently employs 58,000 workers.
GM cuts Epcot commitment
Poor car sales kept General Motors Corp. from making a long-term commitment to Disney Corp. as a corporate sponsor at Epcot Center, a spokesman for the automaker said.
GM's exhibit at the World of Motion pavilion attracts millions of visitors a year, but the automaker opted for a one-year extension on its sponsorship rather than renewing a 10-year contract.
U.S., China face tariff deadline
U.S. and Chinese officials held last-minute talks yesterday in an effort to open China's markets and avert punitive U.S. tariffs on up to $3.9 billion worth of Chinese exports.
They worked against a deadline of midnight tomorrow. A spokesman for U.S. Trade Representative Carla A. Hills gave no details of the talks in Washington, one of a series of market-opening efforts held the past year here and in China.
GE to lay off 680 in Kentucky
General Electric Co. will lay off 500 hourly and 180 salaried workers at its appliance manufacturing operation because of the sluggish economy, a top union official said yesterday. The workers at the Louisville Appliance Park in Kentucky will be laid off Dec. 11 from the company's washer and dryer assembly operations and from its refrigerator production lines, the official said.