Global Aviation Holdings Inc., the largest commercial provider of charter air transportation for the U.S. military, filed for bankruptcy protection today, just months after emerging out of its prior reorganization process, Reuters reported. Global Aviation previously filed for chapter 11 bankruptcy in 2012 to achieve "industry competitiveness" by cutting costs and debt load, and it emerged from the bankruptcy in February this year. Global Aviation said that the continued worldwide downturn in commercial freight markets along with the U.S. military's decision to curtail its cargo expansion flying has made it necessary for it to file for a court supervised reorganization process. In the court filing, Global Aviation said that the military's decision would reduce the charter provider's planned revenue for 2014 by about $54 million and will create "significant over-capacity in the military charter cargo business." Global Aviation said it expects to cut about 16 percent of jobs over the next 90 days.
