negotiations continued until a deal was reached on 24 aug. 1992. in that deal, icahn had to pay twa $150 million, the employees reduced compensation by 15% over the next three years, and the creditors forgave $1 billion in debt. when twa emerged from bankruptcy in nov. 1993, employees owned 45% of the company. jeffrey h. erickson took over as president in 1994, moved its headquarters to st. louis, and sponsored the trans world dome.