AIRLINE EMPLOYEES may be offered a stake in World Airways as the parent WorldCorp group looks for options to sell its stake in the US carrier.
WorldCorp is looking, at options for spinning off, at least part of its 59.3% stake in the airline. President Charles Pollard confirms that selling a "substantial" stake to employees is the favoured choice.
The remainder of World Airways, is owned 24% by investors, with another 16.6% by Malaysian investment company MHS.
World Airways, which employs 725 workers, provides international charter and some scheduled services with McDonnell Douglas MD-11s and six DC-10-30s.
The airline has grown strongly over the past year, pushing up revenues by 44%, to reach $260 million in 1995. Losses were turned to a net profit of $9 million.
Source: Flight International
