World Airways may have to fold

Strapped by $8.1 million in losses during the first 11 months of last year, World Airways chairman Edward J. Daly has laid off 800 of the company's 2,500 employees and said he may have to shut down the 31-year-old airline.

Mr. Daly said the Oakland-based airline, known for its bargain fares, must receive some concessions from union employees to continue operations.