Texas Air has again offered to acquire TWA.

The two companies said that, if financier Carl C. Icahn fails to complete his acquisition of Trans World Airlines, Texas Air Corp. will institute an all-cash offer valued at more than $700 million, or $22 a share. The statement came one week after Wall Street sources disclosed that Icahn is having trouble assembling financing to purchase the 48% of the financially troubled airline that he does not already own. The purchase was to have been completed by Dec. 1.