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World Air Holdings announces saleFri, 04/06/2007 - 1:18pm
By: John Munford
World Air Holdings, Inc, headquartered in Peachtree City, has entered into an agreement to sell the company to Global Aero Logistics Inc. for $315 million, company officials said. World Airways is the largest commercial carrier of U.S. military personnel and the airline flies to 50 different countries. It has the capacity for passengers and cargo. World Air Holdings had been in some financial trouble last year due to reporting errors and that ultimately led to the stock being delisted by NASDAQ. The decision to sell the company was made after a special committee of the company, in conjunction with its financial advisor, determined it is the “option most likely to maximize value for shareholders,” according to a company news release. "We believe it is in the best interests of our shareholders to approve this transaction," said Ronald Fogleman, World Air Holdings chairman. "This is the most responsible alternative to enhance shareholder value and is in the best interests of our shareholders, our customers and our employees." login to post comments |