Peachtree City air charter company emerges from bankruptcy

Peachtree City-based military charter provider Global Aviation Holdings announced its reorganization plan took effect Wednesday, allowing it to finish its financial restructuring and emerge from Chapter 11 bankruptcy.

Global Aviation, which is the parent company of passenger charter operator North American Airlines and cargo and passenger charter operator World Airways, said the plan reduces its debt and fleet costs, and includes new labor agreements with most of its unionized work groups. The company also has $35 million in exit financing.

Global Aviation filed for bankruptcy protection about a year ago.