NEW YORK -- Transworld Corp. late Tuesday said its board had implemented a previously announced liquidation, closing the books on a company that was once a major player in the airline, hotel and real estate industries.
The liquidation plan calls for the distribution of Hilton International to a liquidating trust and the merger of Transworld's other remaining operating subsidiaries, Canteen Corp. and Spartan Food Systems Inc., into a new company, TW Services Inc., the company said.
One share of TW Services Inc. will be distributed for each share of Transworld common stock to the holders of record of Transworld on Dec. 30, 1986.
Last week, Transworld announced the sale of its Hilton International subsidiary to UAL Inc., parent company of United Airlines, for $980 million.
Under the agreement, UAL will by Hilton for a combination of cash, stock and debentures. The transaction, which is subject to government approval, is expected to be completed early next year.
Hilton International, which had operating revenues of nearly $700 million in 1985, owns 88 luxury hotels in 42 countries.
Transworld sold Trans World Airlines to its shareholdes in 1984, and sold its Century 21 Real Estate Corp. for $251 million last year.
