World Airways‘ (Atlanta) CEO John Graber informed staff today (March 27) the company would cease operations immediately. In addition, North American Airlines (New York) will see a reduction in flying. World operated its last flight yesterday (March 26). The company was not able to obtain further funding to keep it flying.
World Airways issued this statement:
“Today (March 27) World Airways announced that the company operated its last flight on Wednesday, March 26. World Airways was founded in 1948 and operated cargo and passenger charter flights using Boeing 747-400 and McDonnell Douglas MD-11 aircraft. The U.S. Military was their primary customer.
Global Aviation Holdings and many of its subsidiaries, including World Airways, began restructuring on November 12, 2013. World Airways has 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. Tuesday, World Airways’ first lien holder declared World in default on its loan and stopped providing the airline funding. World Airways has started the process of winding down its operations. Today the company laid-off 325 employees, including 109 pilots and 146 flight attendants.
Eric Bergesen, World Airways’ Chief Operating Officer, said, “The battle to save World has been difficult. A lot of people have worked hard to try to save our airline. Despite this regrettable outcome, I sincerely thank each of our employees for their dedication and continued support as we attempted to build a future for the company.”
North American Airlines will continue operations with plans to emerge from bankruptcy in the near future. North American was founded in 1989 and operates passenger charter flights using Boeing 767-300 ER aircraft.”
World Airways has been a long time operator going back to May 1948.
Previously on November 12, 2013, parent Global Aviation Holdings and its subsidiaries, including its two operating airlines World Airways and North American Airlines, filed voluntary petitions again for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for Delaware. During the reorganization, Global Aviation Holdings announced it intended to continue to operate.
Copyright Photo: Brian McDonough/AirlinersGallery.com. It has been stormy skies for World Airways lately. McDonnell Douglas MD-11F N382WA (msn 48411) arrives at Baltimore/Washington (BWI).
Video: The many exploits of World Airways through the years: