After receiving authorization from the United States Department of Transportation, American Airlines successfully completed its acquisition of most of the assets of Trans World Airlines, Inc. The combined company will offer travel to more than 300 cities worldwide on more than 900 aircraft, with an expanded and more convenient flight schedule.

Effective today, TWA will be operated by TWA Airlines LLC, a wholly owned subsidiary of American Airlines. In the near term, the two airlines will operate independently, including separate reservations systems, payroll systems, aircraft, procedures and policies. TWA employees and clients will enjoy business as usual during the transition period.

Following the transition period, TWA LLC will be fully integrated into American's operations. Robert W. Baker, vice chairman of American Airlines, will assume the role of CEO of TWA LLC, and former TWA President and Chief Executive Officer Captain William F. Compton will serve as president.

American Airlines announced earlier this year that it had agreed to purchase substantially all the assets of Trans World Airlines, Inc. through a U.S. Bankruptcy Court proceeding for approximately $625 million in cash and the assumption of aircraft operating leases.