World Airways is shutting down immediately

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sn26567
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World Airways is shutting down immediately

Post by sn26567 »

Following on the heels of competitor Evergreen International Airlines, World Airways CEO John Graber announced earlier today that World will cease operations immediately, and remaining operating businesses including North American Airlines will see significant reductions.

The final nail in World’s coffin, according to Graber, was the inability to secure further funding from Cerberus, World’s first lien lender.

Global is now working to secure North American’s future and expects to know by tomorrow how that will proceed.

The shutdown of World Airways and tenuous future of North American Airlines leaves Atlas Air as the dominant cargo carrier based in the United States.

Source: NYC Aviation
André
ex Sabena #26567

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quixoticguide
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Re: World Airways is shutting down immediately

Post by quixoticguide »

What are the consequenties for Ostend?
Visit my flights on: http://www.quixoticguide.com

sn47031
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Joined: 05 Mar 2014, 17:05

Re: World Airways is shutting down immediately

Post by sn47031 »

sn26567 wrote:Following on the heels of competitor Evergreen International Airlines, World Airways CEO John Graber announced earlier today that World will cease operations immediately, and remaining operating businesses including North American Airlines will see significant reductions.

The final nail in World’s coffin, according to Graber, was the inability to secure further funding from Cerberus, World’s first lien lender.

Global is now working to secure North American’s future and expects to know by tomorrow how that will proceed.

The shutdown of World Airways and tenuous future of North American Airlines leaves Atlas Air as the dominant cargo carrier based in the United States.

Source: NYC Aviation
It is indeed hard to survive in the full freighter biz. Rates are extremely low i.e from BRU to East Asia you can only make very low profits on the surcharges (fuel/security) but certainly not on the cargo rates because at big forwarders you can only sell at 0.00€++ or even minus 0.05€++. Same situation to the US.
This counts also for the belly space airlines to the US and Asia.

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fretn
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Re: World Airways is shutting down immediately

Post by fretn »

Sooo, no more triholers at my home airport? Sad day it is then. :|

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