Air charter provider Global Aviation files for bankruptcy again [View all]

http://www.reuters.com/article/2013/11/12/globalaviation-bankruptcy-idUSL4N0IX1H120131112

Air charter provider Global Aviation files for bankruptcy again
Tue Nov 12, 2013 1:31am EST

Nov 12 (Reuters) - Global Aviation Holdings Inc, the largest commercial provider of charter air transportation for the U.S. military, filed for bankruptcy protection early on Tuesday, just months after emerging out of its prior reorganization process.

Global Aviation previously filed for Chapter 11 bankruptcy in 2012 to achieve "industry competitiveness" by cutting costs and debt load. It emerged from the bankruptcy in February this year.

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Global Aviation said that the continued worldwide downturn in commercial freight markets along with the U.S. military's decision to curtail its cargo expansion flying has made it necessary for it file for court supervised reorganization process.

In a court filing, Global Aviation said the military's decision would reduce the charter provider's planned revenue for 2014 by about $54 million and will create "significant over-capacity in the military charter cargo business."