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jonnyjetprop
08-16-2007, 04:15 PM
Global Aero Logistics Completes Acquisition of World Air Holdings



INDIANAPOLIS, Indiana Aug. 14, 2007 - Global Aero Logistics Inc., the parent company of ATA Airlines, Inc., announced today the completion of its acquisition of World Air Holdings, Inc., (OTC: WLDA.PK) the parent company of World Airways, Inc. and North American Airlines, Inc. Global acquired World Air in a cash merger with a price per share of $12.50 and a total transaction value of approximately $315 million.



The combined company will provide diverse airlift services, including scheduled and charter passenger service as well as cargo charters. The new entity will have a combined workforce of more than 4,500 employees, 56 aircraft and 2006 revenues of approximately $1.6 Billion.



Global's majority owner is MatlinPatterson Global Opportunities Partners II. As a result of the merger, World Air Holdings will cease being a public SEC reporting company and its stock will cease trading. World Air Holdings' shareholders will receive instructions on submitting their shares to the exchange agent for a cash payment.



About Global Aero Logistics Inc.

Global Aero Logistics Inc. is the parent company of ATA Airlines, Inc, World Airways, Inc. and North American Airlines, Inc.



In its 34 th year of operations, ATA offers affordable scheduled service travel from destinations such as Guadalajara , Cancun , Hawaii , Oakland , Chicago , New York , Dallas/Ft. Worth and Washington , DC . Through connecting Southwest Airlines codeshare flights, ATA now serves customers in more than 60 markets. ATA is also a leading passenger charter airline serving the U.S. military and many other government and commercial customers. ATA operates a fleet of 29 aircraft. For more information, visit www.ata.com .



World Airways, Inc. provides customized transportation services for major international passenger and cargo carriers, international freight forwarders, the U.S. military and international leisure tour operators. Founded in 1948, World operates a fleet of 17 wide-body aircraft to meet the specialized needs of its customers. For more information, visit www.worldairways.com .





North American Airlines, Inc. offers air transportation services throughout the world for the U.S. military and commercial customers. Founded in 1989, North American operates a fleet of 10 aircraft in charter and scheduled service. For more information, visit www.flynaa.com .



Media Contacts:

Maya Wagle, Global Aero Logistics Inc.

317-282-2659



Steve Forsyth, World Air Holdings, Inc.

770-632-8322


FliFast
08-18-2007, 03:47 AM
I wonder how long it will be before they start pitting one group against the next to reduce labor costs.

Who knows maybe they will hire Michael Vick in for labor negotiations....woof woof.

FF

MD-11Loader
08-18-2007, 05:23 PM
I wonder how long it will be before they start pitting one group against the next to reduce labor costs.

Who knows maybe they will hire Michael Vick in for labor negotiations....woof woof.

FF

They won't hire Michael Vick, he will be too busy with his new endorsment deal with Hush Puppies.

I am not sure how I feel about the merger. One one side we all know that North American is what cost us our profit sharing checks, but on the other is it really good to have three airlines that are on competing AMC teams? Should be interesting how this all pans out.


dc10pilot
08-19-2007, 12:29 AM
They won't hire Michael Vick, he will be too busy with his new endorsment deal with Hush Puppies.

I am not sure how I feel about the merger. One one side we all know that North American is what cost us our profit sharing checks, but on the other is it really good to have three airlines that are on competing AMC teams? Should be interesting how this all pans out.

happened too late to change this year but next year look for AMC to make a change and put all 3 on the same team - ATA would move over to the team with World and NA

satchip
08-19-2007, 05:13 AM
Does Southwest own a piece of that action? Didn't they buy or help out ATA a couple of years ago?

HalinTexas
08-19-2007, 06:18 AM
Does Southwest own a piece of that action? Didn't they buy or help out ATA a couple of years ago?

Nope.

SWA had to divest themselves from owning any part of another airline. Scope clause.

However, our union was told by a "four star" on the World BOD that Herb had a hand in this GAL-World, NA transaction. :eek:

satchip
08-19-2007, 06:47 AM
Halin, nice picture of Cathedral Rock in your Av. I fly over that quite frequently.

Freightpuppy
08-19-2007, 09:38 AM
Does Southwest own a piece of that action? Didn't they buy or help out ATA a couple of years ago?

I wouldn't exactly call it "helping" ATA out. They were helping themselves out.

HalinTexas
08-19-2007, 06:47 PM
Halin, nice picture of Cathedral Rock in your Av. I fly over that quite frequently.

Unfortunately, that ain't cathedral rock. It's just a hill behind a big flagpole in Lajitas, TX.

It's right on the border. It's there or S. Padre when I finally give up on this business.

satchip
08-20-2007, 03:47 AM
I should have said Cathedral Mountain near Alpine, TX on VR 196.

[/url]http://www.pbase.com/lwh/texas[/URL]

GulfstreamPilot
08-20-2007, 01:14 PM
One one side we all know that North American is what cost us our profit sharing checks

What are you talking about? NA has been profitable every quarter since 1989. And World?

IronWalt
08-22-2007, 05:35 AM
Is Bill Hughes still at NA???

GulfstreamPilot
08-22-2007, 05:57 AM
Don't know him personaly but he is still at NA.

Worldguy
08-22-2007, 02:55 PM
What are you talking about? NA has been profitable every quarter since 1989. And World?

Have you read the SEC filings? Have a look. It's not your fault personally or the fault of any other pilot at NAA. Don't take it personally, it has nothing to do with you really.

Cheers,
WG

xtwapilot
08-22-2007, 03:23 PM
WG,
Interestingly enough, it also shows that World supposedly, per block hr, was cash positive, yet, if you continue to read the annual report, you will also note that it doesn't include costs such as fuel, insurance, and lease rates in the block hr costs. So in reality, World also lost money. The bottom line is this, instead of saying things such as NA cost me my profit sharing check this year(I know you didn't say it, but another World poster did), point the finger and lay blame where is squarely should be placed, and that is World management, which also ran NAA. This management team was so inadequate that they couldn't get their heads out of their backsides. The employees of both companies are along for the ride. We show up to work, do our jobs and leave, yet our management couldn't get their act together. Hopefully, GAL will get rid of them all and bring in people that can cut the waste. As for who is going to roll into who, only time will tell. Good luck to all three airlines in this deal.

xtwapilot
xtwapilot

HalinTexas
08-23-2007, 04:48 AM
Hopefully, GAL will get rid of them all and bring in people that can cut the waste.

I don't think that's going to help.

Worldguy
08-23-2007, 05:18 AM
I will be the FIRST to say that the numbers at WAH and now GAL are solely the opinions of the mis=management and have nothing whatsoever to do with the boys and girls that move the metal. We are all just trying to make a living in spite of the a$$ holes on the board and in the management office.
BTW, no one ever accused the NAA pilots of losing money or costing us our profit sharing.

Cheers,
WG



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