Prospectus Supplement
Filed under Rule 424(b)(3)
Registration Number 333-39673
World Airways, Inc
The Prospectus dated June 26, 1998 (the "Prospectus"),
relating to the public resale of up to $50,000,000 aggregate
principal amount of 8% Convertible Senior Subordinated Debentures
due 2004 (the "Debentures") of World Airways, Inc. (the
"Company") and shares of common stock of the Company (the "Common
Stock") to be issued upon conversion of the Debentures, is hereby
supplemented by replacing the table of selling securityholders
set forth on page 35 of the Prospectus with the new selling
securityholder table provided below, which information is as of
the date of this Prospectus Supplement.
Any or all of the Debentures or Common Stock may be offered
for sale pursuant to the Prospectus by the selling
securityholders from time to time. Accordingly, no estimate can
be given as to the amount of the Debentures or Common Stock that
will be held by the selling securityholders upon consummation of
any such sales. In addition, the selling securityholders
identified below may have sold, transferred or otherwise disposed
of all or a portion of their Debentures since the date on which
the information regarding their Debentures was provided, in
transactions exempt from the registration requirements of the
Securities Act of 1933.
Principal Amount
of Debentures
Name of Selling Securityholder Beneficially Owned
BankBoston, N.A............................ 148,000
Bankers Trust Company...................... 12,937,000
Bear, Stearns Securities Corp.............. 3,605,000
Catholic Mutual Relief Society of America.. 380,000
Catholic Mutual Relief Society Retirement
Plan & Trust............................. 200,000
Century National Insurance Company......... 750,000
Chase Manhattan Bank....................... 464,000
Chase Manhattan Bank/Chemical.............. 5,285,000
Chrysler Insurance Company -
Total Return............................. 35,000
Citibank, N.A.............................. 4,605,000
CommerzBank Capital Markets Corp........... 500,000
Corbel Investments......................... 150,000
Donaldson, Lufkin and Jenrette Securities
Corp..................................... 2,289,000
Equity Commonwealth........................ 30,000
Eileen M. Connell, IRA..................... 20,000
Fleet Bank of Massachusetts, N.A........... 129,000
Forest Alternative Strategies A-5.......... 150,000
Forest Alternative Strategies A 5 M........ 10,000
Forest Alternative Strategies Fund A 5 I... 25,000
Forest Alternative Strategies Fund B-3..... 42,000
Forest Greyhound........................... 75,000
Forest Global Convertible Fund A-5......... 150,000
Forest Global Convertible Fund B-1......... 50,000
Forest Global Convertible Fund B-2......... 50,000
Forest Global Convertible Fund B-3......... 15,000
Forest Global Convertible Fund B-5......... 30,000
Forest Performance Fund.................... 98,000
Fort Dearborn Life Insurance Company....... 190,000
Fox Family Foundation DTD.................. 80,000
Fox Family Portfolio Partnership........... 210,000
Goldman, Sachs & Co........................ 1,300,000
ING Baring Furman Selz LLC................. 620,000
Investors Bank & Trust/M.F. Custody........ 2,000,000
Jack C. Massey Foundation.................. 50,000
Levin Charitable Trust..................... 10,000
LLT Limited................................ 15,000
Marie Daly Banks Trust..................... 15,000
MHR Capital Partners LP.................... 1,000,000
Morgan Stanley & Co. Incorporated.......... 1,105,000
Northern Trust Company..................... 543,000
PMC Bank, National Association............. 2,200,000
R.C. Roland................................ 30,000
State Street Bank -- Custodian............ 4,985,000
Value Line Convertible Fund................ 1,200,000
Zazove Aggressive Growth Fund, L.P......... 555,000
Zazove Convertible Fund, L.P............... 1,355,000
Zazove Global Convertible Fund, L.P........ 135,000
Unnamed holders of Debentures or any
future transferees, pledgees, donees or
successors of or from any such unnamed
holder................................... 1,180,000
The date of this Prospectus Supplement is August 31, 1998
