World Airways Sold

[billjohnson321]

World was bought by the parent company that owns ATA.Here we go.

 

[Jetlaggy]

Global Aero Logistics To Acquire World Air Holdings For $315 Mln In An All-cash - Quick Facts

Thursday, April 05, 2007; Posted: 05:32 PM

(RTTNews) - World Air Holdings Inc. (WLDA.PK) said it has entered into an agreement to be acquired by Global Aero Logistics Inc for $315 million in an all-cash transaction. MatlinPatterson Global Opportunities Partners II is the majority shareholder of Global Aero Logistics Inc., which owns ATA Airlines. As a result of the transaction, Global Aero Logistics will operate three independent airlines under one umbrella: World Airways, North American Airlines and ATA Airlines.
The transaction is subject to the approval of World Air Holdings shareholders and satisfying customary closing conditions. The transaction is expected to be finalized during the third quarter of 2007.
Under the terms of the agreement, World Air Holdings shareholders will receive $12.50 in cash for each share of World Air Holdings common stock they own, representing a premium of 56 percent over the company's average closing price for the 30 trading days prior to World's announcement on Sept. 5, 2006 of the formation of a special committee of the board to explore strategic alternatives to enhance shareholder value.
Copyright(c) 2007 RealTimeTraders.com, Inc. All Rights Reserved

 

[1800 RVR]

Another article:

World Air Holdings Agrees to be Acquired by Global Aero Logistics Inc.
Thursday April 5, 5:15 pm ET
Shareholders to Receive $12.50 per Share in Cash Transaction Valued at $315 Million


PEACHTREE CITY, Ga., April 5 /PRNewswire-FirstCall/ -- World Air Holdings, Inc. (OTC: WLDA.PK - News) today announced that it has entered into an agreement to be acquired by Global Aero Logistics Inc. for $315 million in an all-cash transaction. MatlinPatterson Global Opportunities Partners II is the majority shareholder of Global Aero Logistics Inc., which owns ATA Airlines. As a result of the transaction, Global Aero Logistics will operate three independent airlines under one umbrella: World Airways, North American Airlines and ATA Airlines.
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Under the terms of the agreement, World Air Holdings shareholders will receive $12.50 in cash for each share of World Air Holdings common stock they own, representing a premium of 56 percent over the company's average closing price for the 30 trading days prior to World's announcement on Sept. 5, 2006 of the formation of a special committee of the board to explore strategic alternatives to enhance shareholder value.

The special committee, with the assistance of its financial advisor, Friedman, Billings, Ramsey & Co. Inc. (which acquired the business of Legacy Partners Group LLC), explored a number of strategic alternatives, determined that a sale of the company is the option most likely to maximize value for shareholders, and recommended that the board approve the transaction with Global Aero Logistics. The Board of Directors of World Air Holdings approved the agreement and recommends that World Air Holdings shareholders vote in favor of the transaction.

"We believe it is in the best interests of our shareholders to approve this transaction," said Ronald Fogleman, World Air Holdings chairman. "This is the most responsible alternative to enhance shareholder value and is in the best interests of our shareholders, our customers and our employees."

The transaction is subject to the approval of World Air Holdings shareholders at a special meeting to vote on the transaction, and to obtaining required regulatory approvals and satisfying customary closing conditions. The transaction is expected to be finalized during the third quarter of 2007. World Air Holdings, Inc., based in Peachtree City, Ga., has three wholly owned subsidiaries: World Airways, Inc., North American Airlines, Inc., and World Risk Solutions, Ltd. For information, visit www.worldairholdings.com.

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

North American is a U.S.-certificated air carrier offering air transportation services throughout the world for the U.S. military and commercial customers. Founded in 1989, North American operates its fleet of 10 Boeing 767-300ER and Boeing 757-200ER passenger aircraft in charter and scheduled service. For information, visit www.flynaa.com. Global Aero Logistics Inc. is the parent company of ATA Airlines, Inc. Now in its 34th year of operations, ATA offers affordable scheduled service travel from destinations like Guadalajara, Cancun, Hawaii, Oakland, Chicago, New York, Dallas/Ft. Worth and Washington, D.C. Through connecting Southwest Airlines codeshare flights, ATA now serves customers in more than 60 markets. ATA also is a leading passenger charter airline serving the U.S. military and many other government and commercial customers. ATA operates a fleet of 29 aircraft and has approximately 2,500 employees. For more information, visit www.ata.com.

 

[Birddog]

Imagine the nightmare of trying to merge those three lists.

 

[MD11Drvr]

Imagine the nightmare of trying to merge those three lists.

I am not looking forward to the next few years!!!!

 

[Fliteidol]

Well someone thinks theres money in the freight bizz!

 

[Miami Freight]

This looks like the latest Harvard Business school class. Buy a few of the same type of airlines, pit the crewmembers against each other and sit back to collect the money. See Atlas/Polar. One more lap in the race to the bottom.

 

[jhflyhi]

A new era in aviation when bankrupt companies can purchase sucessful ones!:erm:

 

[timetoquit]

A new era in aviation when bankrupt companies can purchase sucessful ones!:erm:

Who is bankrupt in this deal?

 

[jhflyhi]

You are absolutely right! Global Aero Logistics is only 1 day old and is not in bankruptcy. ATA has emerged over a year ago, I stand corrected. Maybe we should let the 280 ATA pilots on furlough know that too! I wonder if they know? If you are an ATA pilot I apoligize.

The last time I checked World and NAA have all there pilots flying. Sounds like a good excuse to put some of them on the street too.

Thanks for your well informed response, the intent of my post is to question the validity and SELL OUT of World Air Holdings by the managment, who by the way all came from Trans Meridian. I haven't seen a Trans Meridian plane flying lately. We have to wonder how much of the $315 million is going strait to bonuses and bail packages.

Pardon my spelling but these computers in Turkey suck!