Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, March 28, 1992 TAG: 9203280097
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - USAir will manage and operate the reorganized Trump Shuttle in an agreement that could result in USAir's eventual ownership of the East Coast air service, the Transportation Department said Friday.
The New York-Boston and New York-Washington service will do business under the name USAir Shuttle.
USAir will pay up to $16.2 million to enter the management agreement. It will have the right to buy a 40 percent ownership interest in the new company and an option to buy the shuttle outright at the end of 4 1/2 years.
The service will compete with Delta Airlines, which recently bought a shuttle service from now-defunct Pan American World Airways.
- Associated Press
Textile plants agree on reorganization
Twin City Textiles Inc., which has been operating since last June under Chapter 11 bankruptcy reorganization, said Friday the company and its creditors have agreed on a plan of operation.
With approval, the company said, it plans to hire more workers.
Twin City operates Roanoke Dyeing and Finishing and Valley Apparel Inc. on 6th Street Southwest in Roanoke.
Ron Boarman, president, said the company has filed a reorganization plan that has the support of its unsecured creditors committee and its primary secured lender.
He said the company will add about 60 employees to its current 245 in the next 90 days and hopes to increase employment by 125 by the end of the year.
Shortly after the bankruptcy filing, employment was reduced to 195. The company moved its headquarters from Winston-Salem, N.C., to Roanoke, closed a distribution center on Melrose Avenue and sold its Kin-Kin division that made maternity clothing.
Valley Apparel is operating under Chapter 11 with its parent. At the time of the filing, the companies reported debt of $15.6 million and assets of $16.5 million. - Staff report
by CNB