Global Aviation Holdings files for Chapter 11 reorganization

Global Aviation Holdings, the largest commercial provider of charter air services to the US Military and a major provider of worldwide commercial global passenger and cargo air transportation services, announced that the Company and its subsidiaries, including its two operating airlines World Airways and North American Airlines, have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company has taken this action to strengthen its balance sheet and gain financial flexibility as it continues to realign its operations. The Company intends to continue to operate during the reorganization process. As part of the reorganization, the Company is taking steps to align its cost structure with the realities of market demand. The Company expects to reduce its workforce accordingly by approximately 16% of the employees over the next 90 days.