Jet Acquisitions Group Inc. of Scottsdale, Ariz., wants to
eliminate TWA's current debt, retain most of its current employees,
modernize its facilities and eventually expand the airline.
"Our group is adamant that TWA should be preserved as an
independent and financially viable airline," group spokesman
Stanford E. Lerch said in a statement. "Our bid is more than twice
the size of the nearest offer for TWA that was previously made by
The company did not provide details about how its bid would be
financed, but said it would provide a $1 billion guarantee
American, based in Fort Worth, Texas, has said it would pay $500
million for most of TWA's assets, including up to 190 planes and
the St. Louis hub. It also would pay $82 million for a 49 percent
stake in DC Air, a minority-owned start-up of United Airlines and
US Airways that would serve 44 markets out of Washington's Reagan
The American proposal is awaiting approval of federal
A federal judge has extended the deadline for bids for TWA until
TWA, based in St. Louis, has continued operations while
bankruptcy proceedings occur.
TWA could not immediately be reached for comment.