SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 22, 1998
WORLD AIRWAYS, INC.
(Exact name of registrant as specified in charter)
Delaware 0-26582 94-1358276
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
13873 Park Center Road, Suite 490, Herndon, Virginia 20171
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(703) 834-9200
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ITEM 5. Other Events.
As previously announced, in August 1997 World Airways, Inc.
("World Airways") entered into an agreement for the purchase by
World Airways of up to 4,000,000 shares of World Airways common
stock owned by WorldCorp, Inc. ("WorldCorp") at a purchase price
per share of $7.65. On September 18, 1997, WorldCorp
sold 3,227,000 shares of World Airways common stock to World
Airways. The agreement to purchase shares of World
Airways common stock triggered certain "co-sale" rights under a
shareholders agreement among MHS Berhad ("MHS"), WorldCorp and
World Airways that would permit MHS to sell 773,000 shares of
World Airways common stock. On January 22, 1997, MHS sold the
remaining 773,000 shares of World Airways common stock to World
Airways.
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SIGNATURE
Pursuant to the requirements of the Securities Act of 1934,
the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
WORLD AIRWAYS, INC.
By: /s/ Russell L. Ray, Jr.
Russell L. Ray, Jr.
President and Chief
Executive Officer
Date: February 9, 1998
