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
Bear, Stearns Securities Corp...................... 3,457,000
Berwyn Income Fund................................. 2,200,000
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/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
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
Lakeshore International, LTD....................... 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
McMahon Securities Company, L.P.................... 148,000
MHR Capital Partners LP............................ 1,000,000
Morgan Stanley & Co. Incorporated.................. 1,105,000
Museum of Fine Arts, Boston........................ 129,000
New Hampshire Retirement System.................... 693,000
PMC Bank, National Association..................... 2,200,000
ProMutual.......................................... 464,000
Putnam Capital Appreciation Fund................... 10,000,000
Putnam Convertible Income-Growth Trust............. 2,319,000
Putnam Convertible Opportunities and Income Trust.. 458,000
R.C. Roland........................................ 30,000
State Street Bank -- Custodian..................... 4,985,000
University of Rochester............................ 160,000
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 April 16, 1999
