MIAMI - The U.S. investment firm 777 Partners has acquired the intellectual property of World Airways Inc, and is planning to re-launch World as a low-cost, long-haul airline flying Boeing 787 Dreamliners. The initial funding for certification and aircraft acquisitions is being provided by 777 Partners, which is also having discussions with Boeing concerning an initial order for up to 10 787s.

World CEO Ed Wegel said, "World has a rich and storied history dating back to 1947. It was once the world's largest independent charter airline, and served the U.S. military and other clients with great distinction for many years. Today, we are proud to begin preparations to launch scheduled operations from the U.S. to Asia and Latin America. We will be partnering with low-cost, short-haul carriers in the U.S. and in the regions we serve to provide connecting traffic to and from our initial planned gateways. We plan to announce our new brand look and feel within the next few weeks, under the direction of our founding CMO, Freddie Laker."

Josh Wander, Managing Partner of 777 Partners, said, "777 Partners is humbled by the opportunity to participate in the relaunch of World, a seminal brand in the history of U.S. commercial aviation. We are determined to pay proper homage to World's rich heritage by delivering a transformative flying experience rooted in safety, technology, and service to the large segment of the traveling public historically priced out of international travel."

Plans call for World Airways to be based at Miami International Airport, with initial operating hubs there and at Los Angeles International Airport.

Source: 777 Partners