Executive Briefings

Beleaguered World Airways Calls Its Quits After 66 Years

World Airways has announced that the company operated its last flight on March 26.

Beleaguered World Airways Calls Its Quits After 66 Years

The company was founded in 1948 and operated cargo and passenger charter flights using B747-400 and MD-11 aircraft. The U.S. Military was its primary customer.

Peachtree City, Ga.-based Global Aviation Holdings and many of its subsidiaries, including World Airways, began restructuring Nov. 12, 2013. World Airways had been in the marketplace for some months seeking funding to help it restructure in Chapter 11 bankruptcy, and has been unable to secure that financing. World Airways' first lien holder declared World in default on its loan last Tuesday and stopped providing the airline funding. World Airways has started the process of winding down its operations. The company laid off 325 employees, including 109 pilots and 146 flight attendants.

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The company was founded in 1948 and operated cargo and passenger charter flights using B747-400 and MD-11 aircraft. The U.S. Military was its primary customer.

Peachtree City, Ga.-based Global Aviation Holdings and many of its subsidiaries, including World Airways, began restructuring Nov. 12, 2013. World Airways had been in the marketplace for some months seeking funding to help it restructure in Chapter 11 bankruptcy, and has been unable to secure that financing. World Airways' first lien holder declared World in default on its loan last Tuesday and stopped providing the airline funding. World Airways has started the process of winding down its operations. The company laid off 325 employees, including 109 pilots and 146 flight attendants.

Read Full Article

Beleaguered World Airways Calls Its Quits After 66 Years