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WORLD AIRWAYS COMPLETES $20MM DEBT FINANCING

 HERNDON, Va., Dec. 8 /PRNewswire/ -- WorldCorp (NYSE: WOA) announced today that its World Airways subsidiary completed a $20MM equipment and working capital facility with BNY Financial Corporation, a wholly owned subsidiary of Bank of New York (NYSE: BK). The company previously announced an agreement in principle for this debt facility. Proceeds from the facility were used to repay approximately $11MM of current debt obligations, and the balance of the proceeds will be added to working capital reserves.
 WorldCorp operates in two business areas: air transportation and transaction processing. WorldCorp's air transportation subsidiary, World Airways, is a leading worldwide provider of air transportation for commercial and government customers. World Flight Crew Services provides flight crews on a contract basis for major foreign airlines. WorldCorp's transaction processing business consists of its 51 percent ownership of US Order and 100 percent ownership of WorldGames. US Order develops and sells patented, automated ordering systems with residential and commercial applications. WorldGames is the sole licensee of ScanFone(R) technology for applications in the gaming industry.
 -0- 12/8/93
 /CONTACT: A. Scott Andrews, chief financial officer of WorldCorp, 703-834-9291/
 (WOA BK)


CO: WorldCorp; World Airways; BNY Financial Corporation; Bank of New
 York ST: Virginia IN: AIR FIN SU: FNC


IH-MH -- DC003 -- 1663 12/08/93 09:56 EST
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Publication:PR Newswire
Date:Dec 8, 1993
Words:213
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