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StumbleJudge declines to block sale
Friday, Feb. 23, 2001 | 11:43 a.m.
WILMINGTON, Del. -- Continental Airlines' attempt to stop the bidding process for the bankrupt Trans World Airlines was rejected by a federal judge Wednesday.
U.S. Bankruptcy Judge Peter Walsh refused to issue a stay in the proceedings, meaning the bankruptcy sale of TWA will continue. Continental, claiming it's unfair, will continue to fight it.
TWA filed for bankruptcy on Jan. 10 as American Airlines agreed to buy most TWA assets for $500 million in cash and assume about $3 billion in leases.
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