S&P cuts Global Aviation Holdings recovery

Standard & Poor's said it revised the recovery rating on Global Aviation Holdings Inc.'s first-lien debt to 4, indicating an expectation that lenders will receive an average recovery, from 3.

The agency said it subsequently withdrew all of its ratings, including the D corporate credit rating, on the company.

S&P said it revised the recovery rating to reflect the inclusion of the company's debtor-in-possession financing as a priority claim in the capital structure.

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