Global Aviation Holdings to use IPO earnings to expand fleet

GLOBAL Aviation Holdings Inc, a provider of non-scheduled air freight services, is planning an initial public offering of up to US$100 million shares of common stock, after filing with the US Securities and Exchange Commission.

The number of shares to be offered and the price range for the offering have yet to be determined, reports New York-based RTT News. Global Aviation intends to apply to list the shares on the Nasdaq Global Select Market under the symbol "GLAH."

The company, of Peachtree City, Georgia, also said it would use IPO funds to pay down debt, expand the fleet as well as for general corporate purposes.

For the first quarter ended March 2010 Global Aviation reported a net loss to common stockholders of US$447,000, compared to an income of $30.4 million a year earlier. Total operating revenue rose to $298.54 million from $270.57 million a year ago. 
(Source:www.schednet.com)