World Airways (1948) (Atlanta Hartsfield Jackson) has ceased operations with immediate effect CEO John Graber has announced. In a statement, Graber said the airline operated its last flight on Wednesday, March 26.
World Airways, along with other Global Aviation Holdings subsidiaries, have been on the market seeking funding to help restructure in chapter 11 bankruptcy, but have been unable to secure that financing. As a result, on March 25, the airline's first lien holder declared World in default on its loan and stopped providing the airline with funding.
The airline has started the process of winding down its operations with 325 employees, including 109 pilots and 146 flight attendants, having been laid off.
World had catered primarily to the US military using a fleet of two MD-11s, one B747-400(F) and a MD-11(F).
Sister carrier North American Airlines (New York JFK) will however continue operations with plans to emerge from bankruptcy in the near future. Founded in 1989, North American operates passenger charter flights using B767-300(ER)s.
