War Profiteer Global Aviation Declares Bankruptcy

Please let the reader note that “high debt and high labor costs” were no problem at all when a hot war was going on.  So much for the “efficiency” of capitalism.

via http://www.reuters.com/article/2012/02/06/globalaviation-idUSL4E8D66Y220120206

“Feb 6 (Reuters) – Global Aviation Holdings Inc, the largest commercial provider of chartered flights for the U.S. military, has filed for bankruptcy protection, citing the U.S. pullout from Iraq, defense spending cuts, and high debt and labor costs.

The parent of North American Airlines Inc and World Airways Inc filed for Chapter 11 protection in a Brooklyn, New York, bankruptcy court, less than two weeks after the Pentagon outlined a 2013 budget plan to reduce spending by $487 billion over the next decade.”

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