Global Aviation Holdings Revises Lien Notes and Term Loan AgreementsSeptember 15, 2011
PEACHTREE CITY, Ga. (Sept. 15, 2011) - Global Aviation Holdings Inc. has reached an agreement with a majority of the holders of its First Lien Notes and lenders under its Second Lien Loan. Details are included in the Company’s Form 8-K filed today with the Securities and Exchange Commission.
“This is a very positive step for Global Aviation Holdings. I am pleased with the result and the support our lenders, aircraft lessors, and other key stakeholders have shown,” said Rob Binns, Chairman and CEO. “With these amendments, we are in full compliance with our debt obligations and now have a clear runway to execute on our plan and leverage the Company’s market position as the preeminent military and leading ACMI airline group.”
“We have also taken significant steps to reduce operating costs and implement cost savings initiatives,” Binns added. “The progress we have made on these efforts clearly demonstrates that we are well on our way to achieving both our short and long-term goals.”
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 www.glah.com.
This news release contains forward-looking statements regarding the future performance of Global, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. Global undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.