World Airways Calls it a Day

摘要

US carrier World Airways flew its final flight on March 26. The airline's owner, Global Aviation Holdings (GAH), filed for Chapter 11 bankruptcy protection on November 12 last year for itself and two businesses, World Airways and North American Airlines. The move comes less than a year after Global emerged from its third restructuring effort under Chapter 11. World and North American remained flying, while Global tried to secure additional funding. However, GAH was unable to secure further money from Cerberus, World's first lien lender (the lender has the ability to sell the collateral if the borrower defaults on a loan), so there was no longer the capital to continue flying. "The battle to save World has been difficult, said Eric Bergesen the company's COO. 'A lot of people have worked hard to try and save the airline, despite this regrettable outcome." North American will continue to fly and is planning to emerge from bankruptcy protection in the near future.