Wednesday, April 30, 2003

World Airways gets federal loan guarantee

World Airways, Inc., announced last week the Air Transportation Stabilization Board has granted the company conditional approval for a $27 million federal loan guarantee. The guaranteed amount represents 90 percent of a new commercial loan facility.

The proceeds from the facility will be used to strengthen the company's working capital position and support its long-term plans.

According to Hollis Harris, World Airways chairman and CEO, "This is an important milestone, which not only recognizes the ATSB's endorsement of our business plan, but also the long-term importance of World to the U.S. aviation system."

Harris also noted, "We applaud the professional and comprehensive approach employed by the ATSB staff and their business partners as they processed our application. We remain committed to work with the ATSB to meet the approval conditions.

"We made strong progress in reducing costs in 2002, enabling our profitability targets to be reached." added Harris. "Although we have more work to do, I am now even more optimistic about achieving our profitability goals for 2003 and beyond."

Utilizing a well-maintained fleet of international range, wide-body aircraft, World Airways has an enviable record of safety, reliability and customer service spanning 54 years. The company is a U.S. certificated air carrier providing customized transportation services for major international passenger and cargo carriers, the United States military and international leisure tour operators. Recognized for its modern aircraft, flexibility and ability to provide superior service, World Airways meets the needs of businesses and governments around the globe.

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