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World Airways

Old 12-30-2011, 08:50 PM
  #151  
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Originally Posted by okbk View Post
If you take the time to read all the SEC filings for GAH over the last year (instead of just one paragraph), you can see the bigger picture of the ATA's Chapter 11 estate. 85% of any monies received in the judgment were to go into the estate and distributed to the "company" (World,NA,etc). After you would have deducted what MP would have taken for themselves, I assume the rest would have been to pay down debt or for operations. These monies were only one part of a restructuring plan. Many parts of this plan are already in effect, especially debt restructuring, which beside being paid off sooner, shouldn't be affected by this. While it would have been nice to have this money, I think GAH will survive without it.
I have read them and I hope that GAH does complete it's "restructuring".
My intention was only to point out that GAH has financial issues, and that it appears that the restructuring may be in some trouble without the FDX award money. I have many friends there, and I hope that they keep their eyes open and don't assume that things are rosy. They aren't.

Good luck to all.

S

"...We do not have a revolving credit facility and there are no funds available through other unused financing options. During the first nine months of 2011, a decline in non-fuel AMC rates and entitlement for 2011, our capital expenditure requirements and a decline in anticipated commercial cargo demands and yields had a negative impact on our liquidity and financial position. We are evaluating our capital restructuring options with our equity sponsor MatlinPatterson and our Second Lien Loan holder, GSO Capital, which include various alternatives including, but not limited to, the issuance of equity and debt for equity swaps. In addition, we have negotiated extended payment terms with certain key vendors, and have amended a number of aircraft leases to reduce aircraft lease costs by approximately $3 million, $18 million, and $18 million in 2011, 2012 and 2013, respectively..."
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Old 12-31-2011, 07:32 AM
  #152  
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ahh, rest assured that we'll be okay. Just have a look at those at the helm!

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Old 12-31-2011, 08:41 AM
  #153  
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Originally Posted by Radials Rule View Post
ahh, rest assured that we'll be okay. Just have a look at those at the helm!

I hope so... I did not realize that you had one of ATA's senior management running your shop!

Have a great new year.

S
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Old 01-13-2012, 08:30 AM
  #154  
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Any latest at World? I heard there was another round of Flight Attendant furloughs but still safe for the Cockpit guys. I hope that's the end of the bad news...
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Old 01-18-2012, 02:43 PM
  #155  
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A notice issued today; 25 pilots furloughed
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Old 01-18-2012, 05:26 PM
  #156  
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That sucks to hear
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Old 01-18-2012, 07:29 PM
  #157  
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A notice issued today; 25 pilots furloughed
I know World had been hiring some as of late. Were they mostly those recently hired?
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Old 01-19-2012, 04:17 AM
  #158  
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Originally Posted by IslanderDriver View Post
I know World had been hiring some as of late. Were they mostly those recently hired?
Not mostly, all. Bottom guy on the list will be a 10/08 hire.
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Old 01-19-2012, 06:45 AM
  #159  
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SkyLease Cargo is hiring MD-11 FOs.

SkyLease Cargo
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