Global Aviation Emerges From Chapter 11

Global Aviation Holdings, the parent company of North American Airlines and World Airways, has emerged from Chapter 11. The company said its plan of reorganisation was approved by the United States Bankruptcy Court for the Eastern District of New York on December 6, 2012, becoming effective today. It said the plan reflects a “global settlement” with the company's first and second lien lenders, the official committee of unsecured creditors, and its labour unions, which would allow the company to exit from bankruptcy with “reduced debt, a rationalised 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 $35m

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