Joele Frank, Wilkinson Brimmer Katcher is handling the Chapter 11 filing of Peachtree City, Ga.-based Global Aviation Holdings, which partly blames the federal government shutdown for its bankruptcy.
As the No. 1 commercial air charter provider to the military, GAH traces its financial woes to the “military’s decision to immediately curtail its cargo expansion flying” and “shutdown of the U.S. government in October 2013.”
On tap: a 16 percent slash in workforce during the next 90 days.
CEO John Graber says the cutbacks are needed to align cost structure with the realities of market demand.
GAH’s owns passenger charter North American Airlines, which was founded in 1989, and cargo/passenger carrier World Airways (launched in 1948).
JK’s Michael Freitag and Aaron Palash work the bankruptcy.
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