AIRLINES

Pact Ends Icahn’s Control of TWA: A U.S. Bankruptcy Court in Wilmington, Del., approved a deal that brings to a close financier Carl Icahn’s stormy control over Trans World Airlines Inc., which he has called his worst investment of the last decade. Bankruptcy Judge Helen Bailick approved a TWA settlement with Icahn, the airline’s creditors, pension guarantors and unions. The pact would wipe out more than $1 billion in TWA debt and transfer ownership of the airline from Icahn to its employees and unsecured creditors. “Mr. Icahn will no longer be involved with TWA,” Bailick said in approving the plan, under which employees will own 45% of the airline and creditors will own 55%.