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. It allows Global Aviation 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. The company also secured an exit financing facility of $35 million.
“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,” said Rob Binns, CEO, in a statement. “We are emerging from bankruptcy as a much stronger company with significantly reduced debt and the appropriate aircraft fleet and operational structure t o compete in today’s challenging economic environment.”
Global Aviation Holdings Inc., based in Peachtree City, Ga., is the parent company of North American Airlines and World Airways. Global 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.
North American Airlines, founded in 1989, operates passenger charter flights using B767-300ER aircraft. World Airways, founded in 1948, operates cargo and passenger charter flights using B747-400 and MD-11 aircraft.
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. It allows Global Aviation 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. The company also secured an exit financing facility of $35 million.
“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,” said Rob Binns, CEO, in a statement. “We are emerging from bankruptcy as a much stronger company with significantly reduced debt and the appropriate aircraft fleet and operational structure t o compete in today’s challenging economic environment.”
Global Aviation Holdings Inc., based in Peachtree City, Ga., is the parent company of North American Airlines and World Airways. Global 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.
North American Airlines, founded in 1989, operates passenger charter flights using B767-300ER aircraft. World Airways, founded in 1948, operates cargo and passenger charter flights using B747-400 and MD-11 aircraft.