Air Transport World

World Airways: America)(management)(Brief article)

The past year proved turbulent for parent World Air Holdings, which contended with a nine-day pilots strike at World Airways in late January and early February and was de-listed from the Nasdaq market in May for failing to file necessary financial reports on time. WAH was delinquent in reporting its full-year 2005 and first-quarter 2006 earnings and blamed the delays on unresolved issues related to its April 2005 acquisition of charter passenger carrier North American Airlines for $35 million in cash (ATW, 8/05, p. 60).

WAH appointed Michael Towe as its new CFO in April and said it "continues to work diligently to become current in its periodic reporting."

World Airways signed leases in April for two MD-11s it had been subleasing from Delta Air Lines until the leases were rejected by DL in bankruptcy court last September. …

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