777 Partners, a US based investment firm, announced on November 8, 2017 that it has acquired the intellectual property of World Airways, Inc., the iconic US airline known for its worldwide operational capabilities, and is planning to re-launch World Airways as a low cost, long haul airline flying state of the art Boeing 787 Dreamliner aircraft. Initial funding for certification and aircraft acquisitions is being provided by 777 Partners. Discussions are underway with Boeing for an initial order for up to ten (10) 787-aircraft.
Ed Wegel, founding CEO of World (formerly of Eastern Air Lines 2nd) commented, “World has a rich and storied history dating back to 1947. It was once the world’s largest independent charter airline, and served the US military and other clients with great distinction for many years.
“Today, we are proud to begin preparations to launch scheduled operations from the US to Asiaand Latin America. We will be partnering with low cost, short haul carriers in the US and in the regions we serve to provide connecting traffic to and from our initial planned gateways. We plan to announce our new brand look and feel within the next few weeks, under the direction of our Founding CMO, Freddie Laker.”
Managing Partner of 777 Partners, Josh Wander, said, “777 Partners is humbled by the opportunity to participate in the relaunch of World, a seminal brand in the history of US commercial aviation. We are determined to pay proper homage to World’s rich heritage by delivering a transformative flying experience rooted in safety, technology and service to the large segment of the traveling public historically priced out of international travel.”
About World Airways
World Airways will be the first long haul wide body low cost carrier based in the US. It will operate the Boeing 787 on routes from the US to Asia and Latin America, and plans to be based at Miami International Airport with planned initial operating hubs at MIA and LAX.
About 777 Partners
777 Partners is a Miami based investment firm focused on a broad spectrum of specialty finance businesses, asset originators and financial technology and services providers. Our overarching thesis is to incubate new ventures and to make control investments in businesses with scalable profiles and ambitious management teams operating in attractive markets. 777’s senior management team is composed of industry veterans with backgrounds in private equity, venture capital, investment banking, financial technology, insurance, actuarial science, asset management, structured-credit, ABS, risk, analytics, complex commercial litigation and computer science.
Copyright Photo: The original World Airways ended operations on March 26, 2014. World Airways McDonnell Douglas DC-10-30 N138WA (msn 47845) BWI (Tony Storck). Image: 904552.