TRANSWORLD TRUST <TWT> SETS INITIAL PAY DATE
Transworld Liquidating Trust said it
will distribute proceeds from the sale of Hilton International
Co to UAL Inc <UAL> to its holders on April 8.
    The deal is expected to close March 31, the day trading
ceases in the Liquidating Trust shares.
    UAL will pay 632.5 mln dlrs cash, 2,564,000 shares of UAL
common stock and 200 mln dlrs worth of UAL debentures to
Transworld, but it may substitute cash for the securities. The
initial distribution will include all the cash, stock and
debentures received in connection with the sale, the company
said.
    The shares in the Trust formerly represented shares of
Transworld Corp common stock.
    The company said the balance of cash in the Trust will be
used to satisfy all liabilities and obligations of the Trust.
After satisfaction of the payments, the company will make a
second distribution around April 29, it said.
 Reuter
