Global Files For Chapter 11 Protection

Global Aviation, owner of World Airways and North American Airlines, has filed for Chapter 11 protection. It says it has taken the action “to strengthen its balance sheet and gain financial flexibility as it continues to realign its operations”.  The company will continue to operate during the reorganisation process, but is “taking steps to align its cost structure with the realities of market demand”.  This includes a reduction in its workforce by approximately 16 per cent over the next 90 days.

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