TRANSPORTATION

America West May Wipe Out Shareholders: America West Airlines said its common and preferred stock would become worthless under a proposal to reorganize the Phoenix-based carrier. About 35% of America West’s common stock is held by employees, who were required in most cases to buy the shares during the first year of employment. Under the reorganization plan now under study, America West, which filed for Chapter 11 protection last year, would issue new shares to new investors and unsecured creditors.