Global Aviation Holdings Inc. Receives Approval of First Day Motions
PEACHTREE CITY, Ga., Feb. 7, 2012 /PRNewswire/ -- Global Aviation Holdings Inc. ("Global" or the "Company"), today announced that it received approval of all critical motions at its "first-day" hearing in the United States Bankruptcy Court for the Eastern District of New York (Brooklyn) (the "Court") presided over by the Honorable Chief Judge Carla E. Craig. Requests included covering its obligations to employees and customers, business operations, tax matters, cash management, fuel procurement and insurance.
To ensure the Company continues to operate without interruption, the Court has approved all requests, including the Company's requests to access cash collateral and continue to use its current cash management systems, which will support the other approved requests including the continuation of existing employee salary and benefit programs and ongoing payments to vendors and suppliers.
"The approval of our first day motions allows us to focus on our restructuring efforts," said Robert Binns, Chairman and Chief Executive Officer of Global. "Our hope is to move through this process as quickly and efficiently as possible. Approval of these first day motions is the foundation upon which we will build as we eliminate excess aircraft and reduce costs to compete effectively in today's marketplace," continued Binns.
Global and certain of its affiliates commenced cases to reorganize under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Eastern District of New York (Brooklyn) on February 5, 2012. The chapter 11 cases are being jointly administered under case number 12-40783 and are being presided over by the Honorable Chief Judge Carla E. Craig. Interested parties can find updates and additional information at the Company's website at http://www.glah.com, and at the Company's notice and claims agent's website at http://www.kccllc.net/globalaviation. Rothschild, Inc. is serving as financial advisor, and Kirkland & Ellis LLP is serving as legal counsel to the Company and its subsidiaries in connection with the restructuring.
Global Aviation Holdings Inc., based in Peachtree City, Ga., is the parent company of North American Airlines and World Airways. Global is the largest commercial provider of charter air transportation for the U.S. military, and a major provider of worldwide commercial global passenger and cargo air transportation services. North American Airlines, founded in 1989 and based in Jamaica, N.Y., operates passenger charter flights using B757-200ER and B767-300ER aircraft. World Airways, founded in 1948 and based in Peachtree City, Ga., operates cargo and passenger charter flights using B747-400 and MD-11 aircraft. For more information, visit http://www.glah.com.
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