AIRLINES

TWA Says Stock Plan Needed to Avoid Bankruptcy Filing: Shares of the nation’s seventh-largest airline fell almost 40% after the airline said its ability to avoid a second bankruptcy filing may hinge on shareholder approval of a plan to issue additional stock. Trans World Airlines Inc. is considering issuing new equity in exchange for a “substantial portion” of its $1 billion in outstanding debt and lease obligations, according to a proxy statement filed last week with the Securities and Exchange Commission. TWA shares fell $1.3125, or 39.6%, to $2, on volume of 468,100, more than three times the past three months’ average daily volume of 144,258 shares.