Fri, Feb 15, 2013
Parent Company Of North American Airlines And World Airways
The United States Bankruptcy Court for the Eastern District of New York approved the reorganization plan presented by Global Aviation Holdings Inc. on December 6 of last year, allowing the company to complete its financial restructuring and emerge from Chapter 11. The plan became effective February 13.
The plan reflects a global settlement with the company's first and second lien lenders, the official committee of unsecured creditors, and the company's labor unions, allowing it to exit from bankruptcy with reduced debt, a rationalized and lower cost fleet, and new five-year collective bargaining agreements with four of its five represented work groups. In connection with the plan, the company also secured an exit financing facility of $35 million. The exit facility, liquidity on hand, and reduced cost structure provide the necessary framework to effectively compete in today's marketplace.
"With today's successful emergence from Chapter 11, we are well positioned for success and can devote our full attention to growth and business development," stated Rob Binns, CEO. "We are emerging from bankruptcy as a much stronger company with significantly reduced debt and the appropriate aircraft fleet and operational structure to compete in today's challenging economic environment."
Binns added, "We want to thank our customers, suppliers, lenders, advisors, and dedicated employees for their support throughout the Chapter 11 process. The commitment of our stakeholders has been a key component to completing the necessary financial and operational restructuring of the company."
Global Aviation Holdings Inc., based in Peachtree City, Ga., is the parent company of North American Airlines and World Airways. Global says it is the largest commercial provider of charter air transportation for the U.S. military, and a major provider of worldwide commercial global passenger and cargo air transportation services.
More News
Aero Linx: International Business Aviation Council Ltd IBAC promotes the growth of business aviation, benefiting all sectors of the industry and all regions of the world. As a non->[...]
"During the annual inspection of the B-24 “Diamond Lil” this off-season, we made the determination that 'Lil' needs some new feathers. Due to weathering, the cloth-cove>[...]
Also: Bushcat Woes, Hummingbird 300 SL 4-Seat Heli Kit, Carbon Cub UL The newest Junkers is a faithful recreation that mates a 7-cylinder Verner radial engine to the airframe offer>[...]
Also: Seaplane Pilots Association, Rotax 916’s First Year, Gene Conrad After a decade and a half of struggling with the FAA and other aero-politics, G100UL is in production a>[...]
Also: Martha King Scholarship, Montaer Grows, Textron Updates Pistons, FlySto The FAA is hiring thousands of air traffic controllers, but the window to apply will only be open for >[...]