Temporary receivers in Israel for the American-based Trans World Airline, which recently declared bankruptcy, have notified the Tel Aviv District Court that they intend selling-off the company's property in Israel. The sale will be used to pay off the airlines' creditors. TWA is believed to owe at least $15 million in severance pay and pension benefits to its former Israeli staff of 102, and to others.
The receivers intend publishing an announcement of the sale, which will include vehicles, spare airplane parts and other mechanical devices. Meanwhile, TWA's U.S. management has cut off its old offices in Israel from the TWA global computer system.
In order to manage the liquidation, the receivers have asked the Court for permission to employ a staff of eight former TWA employees, for up to one month. They are awaiting a response.
TWA was recently bought for $742 million by the AMR Corporation.