777 Partners, a US based investment firm, has announced that it has acquired the intellectual property of World Airways, Inc., the iconic US airline known for its worldwide operational capabilities, and is planning to re-launch World Airways as a low cost, long haul airline flying state of the art Boeing 787 Dreamliner aircraft, the company said.
Initial funding for certification and aircraft acquisitions is being provided by 777 Partners. Discussions are underway with Boeing for an initial order for up to ten (10) 787-aircraft.
Ed Wegel, Founding CEO of World commented, “World has a rich and storied history dating back to 1947. It was once the world´s largest independent charter airline, and served the US military and other clients with great distinction for many years.
World Airways will be the first long haul wide body low cost carrier based in the US. It will operate the Boeing 787 on routes from the US to Asia and Latin America, and plans to be based at Miami International Airport with planned initial operating hubs at MIA and LAX.
777 Partners is a Miami based investment firm focused on a broad spectrum of specialty finance businesses, asset originators and financial technology and services providers. Our overarching thesis is to incubate new ventures and to make control investments in businesses with scalable profiles and ambitious management teams operating in attractive markets. 777´s senior management team is composed of industry veterans with backgrounds in private equity, venture capital, investment banking, financial technology, insurance, actuarial science, asset management, structured-credit, ABS, risk, analytics, complex commercial litigation and computer science. For more info, see www.777part.com.