Cerberus (Private Equity) has bought ...

Cerberus (Private Equity) has bought GAH / World / North American They will now

Created by OneWorld Skyteam Star on Mar 20, 2014

13 votes

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Dispose of a Certificate or Assets

Merge World and North American

Cut wages, benefits, some more

Rename and rebrand GAH / WO / NA

Grow the companies

Rob what they can from the remnants that remain

OneWorld Skyteam Star

United States

#1 Mar 20, 2014
Cerberus a private equity firm had bought MatlinPatterson's Global Aero Logistics / Global Aviation Holdings after MatlinPatterson sent the firm into bankruptcy yet again.

Bankruptcy Auction was yesterday March 19th. Has not hit the media yet. Will World and North American do any better with Cerberus. My take is they cannot do any worse at this stage... but in all reality they can.
and Shut World Down

United States

#2 Mar 27, 2014
Sad
Cerberus sales to

United States

#3 Apr 22, 2014
Omni Airlines
Succesor Companies

United States

#4 Apr 22, 2014
ATA Holdings
MatlinPatterson New ATA Holdings
MatlinPatterson Global Aero Logistics
MatlinPatterson Global Aviation Holdings
Cerberus Global Aviation Holdings
(World Airways shut down)
Cerberus Global Aviation Holdings North American Airlines
Cerberus Global Aviation Holdings
(North American Airlines divested)
MQ Simmons Envoy

United States

#5 Apr 22, 2014
Succesor Companies wrote:
ATA Holdings
.
MatlinPatterson New ATA Holdings
.
MatlinPatterson Global Aero Logistics
.
MatlinPatterson Global Aviation Holdings
.
Cerberus Global Aviation Holdings
(World Airways shut down)
.
Cerberus Global Aviation Holdings North American Airlines
.
Cerberus Global Aviation Holdings
(North American Airlines divested)
Essentially back after 9/11 when the airline industry went into free fall, the industry was up for grabs by the modern day robber barons. Private Equity MatlinPatterson, and compeitor Mesa Air Group got to examine Aloha Airlines books, in a supposed m & a attempt. Mesa Air Group chose to wait and go at what they saw as blood in the water, with Mesa Air Group division Mesa Airlines "go!" while MatlinPatterson went for the jugular with ATA. MatlinPatterson however underestimated the strength of Aloha Airlines and figured out they might get as much short term gain out of the assets (think air transportation stabilization act DC10 assets of ATA), transfer them over to World Airways and go full force military.

In the meantime MatlinPatterson also bought Arrow Air Cargo (but not to operate under G.A.L./ G.A.H.) to close it down, essentially for business they could put upon World Airways Cargo ops (their thinking). Military market declines, and MatlinPatterson shorts their investment into bankruptcy yet again
.
Enter Cerberus, who buys G.lobal A.viation H.oldings and quickly closes down World Airways, divesting themselves of North American Airlines. Essentially Cerberus quickly put this dead horse out of its misery, probably as a quick hedge to avoid additonal government insight into the private equity industry and the airline business, which MatlinPatterson, much like Lorenzo's Texas Air Corporation has brought much attention to in recent years, especially in view of the Varig, Varig Logistica fiasco.

RIP Aloha Airlines, ATA Airlines, and World Airways. It is finally over.
MQ Simmons Envoy

United States

#6 Apr 22, 2014
RIP

A l o h a
A T A
W o r l d
A r r o w

It is finally over. As for N o r t h - A m e r i c an Airlines, it waits to be seen how good or bad Omni International will be to those fortunate enough to be picked up and hired with the imminent demise of North American Airlines.
MQ Simmons Envoy

AOL

#7 Apr 22, 2014
We are pleased to be able to announce today that North American Airlines has reached assets supporting NAA’s Dulles operations to Omni Air International...

Cerberus’ cutting NAA’s funding last month. In response to those changes, NAA transitioned to a single product line – its cash-flow positive Dulles flying....Several possible buyers.. Omni won...

Cerberus to keep 3% of the net proceeds from the sale of all NAA and Global assets... Cerberus to keep 2%...

...Omni has ...“first look” process to hire ...AECOM security cleared NAA personnel to fill 26 pilot openings within the next 90 days, and will provide “first look” preferential interviews to all NAA pilots for the next 24 months.... PTC based employees are also eligible for first look preferential interviews during the next 24 months....

...A sale of a portion of North American’s assets is not a sale of the airline....

...The agreement with Cerberus and the Letter of Intent with Omni will be filed in the courts today, and we are requesting a hearing as quickly as possible. The Cerberus agreement will also include some of the terms of the sale of certain assets to Omni.

Global Aviation Holdings

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