PTC’s World Airways goes out of business
Peachtree City-based World Airways has closed its doors. The company in a Thursday press release said the company founded in 1948 operated its last flight on March 26. The closure resulted in the loss of 325 jobs.
“...World Airways announced that the company operated its last flight on Wednesday, March 26,” according to a company press release. “World Airways was founded in 1948 and operated cargo and passenger charter flights using B747-400 and MD-11 aircraft. The U.S. military was their primary customer.”
World Airways has started the process of winding down its operations and on March 27 laid-off 325 employees, including 109 pilots and 146 flight attendants, the press release said.
According to the press release, Global Aviation Holdings and many of its subsidiaries, including World Airways, began restructuring Nov. 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. World Airways' first lien holder on March 25 declared World in default on its loan and stopped providing the airline funding.
“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," said World Airways CEO Eric Bergesen.