Airlines: Struggling to Stay Aloft

TWA owner Carl Icahn may not know much about running an airline, but then, many of those who did have gone out of business during the past few tumultuous years. Unlike most of them, Icahn is a crafty dealmaker. Last week, cornered by bondholders who threatened to push his troubled airline into involuntary bankruptcy, he struck an agreement that may save it. Before the deal can fly, though, it must pass inspection by both the Securities and Exchange Commission and a bankruptcy court. Even then, TWA will face a steep climb against extremely powerful competition. Admits the blunt-spoken financier: "This is...