financial problems soon resurfaced and trans world airlines inc. assets were acquired in april 2001 by amr corp., the parent company of american airlines, which quickly formed a new company called twa airlines llc. as part of the deal, twa declared chapter 11 bankruptcy (for the third time) the day after it agreed to the purchase. the terms of the deal included a $745 million payment. the bankruptcy court approved the purchase over a rival bid by jet acquisition group, an investment group fronted by ralph atkin, founder of skywest airlines. the total value of twa's assets and assumed liabilities was estimated to be $2 billion.