Credit-rating agency Standard & Poor's is looking at upgrading Trans World Airlines from its near-junk-bond status after signs of strengthening performance from the carrier. TWA expects to raise around $183 million, from a new share offering and has already brought debt down by $500 million, to $1.1 billion, through 1995's pre-packaged bankruptcy. The carrier also cut its 1996 first-quarter losses from $123 million to $37 million.
Source: Flight International