As the Airline Deregulation Act of 1978 led to a wave of airline failures , start-ups , and takeovers in the United States , TWA was spun off from its holding company in 1984 . Carl Icahn acquired control of TWA and took the company private in a leveraged buyout in 1988 . TWA became saddled with debt , sold its London routes , underwent Chapter 11 restructuring in 1992 and 1995 , and was further stressed by the explosion of TWA Flight 800 in 1996
TWA Flight 800
TWA Flight 800
Trans World Airlines