Global Aviation (World and North American) filed Chapter 11

wheelsup · Feb 6, 2012

Bloomberg said:

(Updates with motion to end aircraft leases in second paragraph.)

Feb. 6 (Bloomberg) -- Global Aviation Holdings Inc., the biggest charter-flight company for U.S. military troops, plans to reorganize by getting rid of more than half of its aircraft, citing the end of flying missions to Iraq and Afghanistan.

Of 30 aircraft leases, the company would like to reject 16 “excess aircraft” to save about $40 million a year. The leases are for aircraft made by General Electric Co., Pratt & Whitney, and Rolls-Royce Holdings Plc, according to papers filed today in U.S. Bankruptcy Court in Brooklyn, New York.

Global Aviation, airlifting for the U.S. military since the Korean conflict in 1951, began military passenger flights in 1990 and provided charter services for the presidential campaigns of George W. Bush, Secretary of State Hillary Clinton and President Barack Obama. A decline in flights to Iraq, the anticipated withdrawal of troops from Afghanistan and a reduction in rates paid by the military led to the bankruptcy filing, Chief Financial Officer William A. Garrett said.

http://www.businessweek.com/news/20...s-to-cut-aircraft-citing-end-of-missions.html

Losing 16 of 30 planes apparently due to Iraq and Afghanistan.

HVYMETALDRVR · Feb 7, 2012

I think everyone saw this coming though... according APC there are 25 furloughs, although if they're parking 16 airplanes I'm guessing they'll be furloughing a lot more.

Log in or Sign up

Global Aviation (World and North American) filed Chapter 11

wheelsup Well-Known Member

HVYMETALDRVR Well-Known Member

Share This Page

Log in or Sign up

Global Aviation (World and North American) filed Chapter 11

wheelsup Well-Known Member

HVYMETALDRVR Well-Known Member

Share This Page

Useful Searches