🠈 Trans World Holdings 🠊
Trans World Holdings
This page lists the history of TWA and its descendant companies. The company changed it names several times in its history and switched to a holding company structure in 1967 to diversify.
- 1924: TWA began as Transcontinental & Western Air with flights from New York to Los Angeles with stops in Kansas City or St Louis.
- 1939: Howard Hughes acquired TWA and expanded internationally.
- 1960: Hughes sold TWA.
- 1967: TWA switched to a holding company structure and began to diversify. It bought Century 21 real estate and the international holdings of Hilton to create Hilton International.
- 1978: Airline deregulation challenged to the big four airlines which had expensive union contracts.
- 1984: In a move that involved a hostile takeover bid by Carl Icahn, Trans World Corporation sold off Trans World Airlines.
- 1998-2001: Trans World Airlines experienced a chain of bankruptcies and restructuring efforts. After the third bankruptcy assets were acquired by American Airlines.
- Trans World Corporation shortened its name to TW Services as it still traded on the NYSE with the symbol TW.
- 1989: TW Services acquired Denny's which also owned Pollo Loco
- Kohlberg Kravis and Roberts acquired a 46% stake in TW Services and forced it to spin off non-essential holdings.
- 1993: TW Services changed its name to Flagstar.
- 1996 Flagstar acquired two family dining chains: Coco's and Carrows
- 1997: Flagstar filed for bankruptcy
- 1998: Flagstar emerged from Chapter 11 as Advantica Restaurant Group.
- 1998-01: the company spun off Denny's Corporation in an IPO with the symbol: DENN.
References:
- Wikipedia - Trans World Corporation (Drawn 1/7/2018)
- Funding Universe - Advantica (Drawn 3/23/2018)
Directory Listings:
- Internet Rivers - Private Equity Firms: Trans World Holdings