Global Aviation Files for IPO

(Reuters) – Air transport services provider Global Aviation Holdings Inc Monday filed with U.S. regulators for an initial public offering of up to $100 million.

The company said it would use proceeds from the offering mainly to repay debt.

It did not say how many shares it plans to sell or provide an expected price range.

The underwriters are led by Morgan Stanley and Jefferies.

The company is expected to trade on Nasdaq under the sybmbol “GLAH.”

The company posted revenue of $298.5 million in the three months ended March 31, up 10 percent from $270.6 million a year earlier. It posted a net loss of 447,000, compared with net income of $39.1 million a year ago. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)

peHUB Note: Global Aviation is a portfolio company of MatlinPatterson