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Global Aviation Holdings files for bankruptcy
07 February 2012
The parent company of World Airlines and North American Airlines has rejected 16 aircraft.
Read more:
Bankruptcy
Chapter 11
Global Aviation Holdings (GAH)
World Airlines
North American Airlines
US District Court for the Eastern District of New York
Kirkland & Ellis
Robert Binns
AerCap
Global Aviation Holdings (GAH), parent company of World Airlines and North American Airlines, has filed for bankruptcy with the US District Court for the Eastern District of New York. The company says it began a voluntary financial restructuring in order to achieve a more competitive cost and debt structure.
Kirkland & Ellis are lead counsel for the restructuring. Rothschild is the financial advisor.
GAH, which filed on February 5, says World Airlines and North American Airlines will continue to operate without interruptions. The Georgia-based holding company has 60 days to develop a restructuring plan and negotiate with creditors.
Robert Binns, chairman and CEO, GAH, says the company has worked closely with lessors, bondholders and other creditors and constituents throughout...
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