The World Airways name will once more feature in the skies over the United States following an announcement by Miami-based equity investment firm, 777 Partners, that it will use the defunct carrier's property rights in launching its own longhaul, low-cost carrier.

World Airways (1948) ceased operations in March 2014 after it failed to secure funding during its tenure under Chapter 11 bankruptcy proceedings. An iconic brand, World Airways was launched as a high-end charter carrier in 1948. At the time of its collapse, it was running US military charters using a fleet of two MD-11s, one B747-400(F), and one MD-11(F).

According to a 777 Partners statement, this new iteration of World Airways will focus on the low-cost longhaul niche connecting destinations in Asia and Latin America from its planned hubs at Miami Int'l (its main base) and Los Angeles Int'l. Operationally, it will employ B787s. To that end, talks are currently underway with Boeing (BOE, Chicago O'Hare) for an order for ten. 777 Partners will provide the initial funding needed to cover the purchases as well as for certification.

"Today, we are proud to begin preparations to launch scheduled operations from the US to Asia and Latin America," CEO Ed Wegel said in a statement. "We will be partnering with low-cost, short-haul carriers in the US and in the regions we serve to provide connecting traffic to and from our initial planned gateways. We plan to announce our new brand look and feel within the next few weeks, under the direction of our founding CMO, Freddie Laker."