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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 2)* World Air Holdings, Inc. -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $.001 par value per share -------------------------------------------------------------------------------- (Title of Class of Securities) 98142H105 --------------------------------------------- (CUSIP Number) December 31, 2004 -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosure provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended ("Act"), or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 9 pages CUSIP NO. 98142H105 -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON American International Group, Inc. I.R.S. Identification No. 13-2592361 -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION Incorporated under the laws of the State of Delaware -------------------------------------------------------------------------------- 5. SOLE VOTING POWER NUMBER OF 0 SHARES -------------------------------------------------- BENEFICIALLY 6. SHARED VOTING POWER OWNED BY 1,984,062 EACH -------------------------------------------------- REPORTING 7. SOLE DISPOSITIVE POWER PERSON 0 WITH -------------------------------------------------- 8. SHARED DISPOSITIVE POWER 1,984,062 -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,984,062 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 11.73% -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON CO Page 2 of 9 CUSIP NO. 98142H105 -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON National Union Fire Insurance Company of Pittsburgh, Pa. I.R.S. Identification No. 25-0687550 -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION Organized under the laws of the State of Pennsylvania -------------------------------------------------------------------------------- 5. SOLE VOTING POWER NUMBER OF 0 SHARES -------------------------------------------------- BENEFICIALLY 6. SHARED VOTING POWER OWNED BY 984,062 EACH -------------------------------------------------- REPORTING 7. SOLE DISPOSITIVE POWER PERSON 0 WITH -------------------------------------------------- 8. SHARED DISPOSITIVE POWER 984,062 -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 984,062 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.8% -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON IC Page 3 of 9 CUSIP NO. 98142H105 -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON International Lease Finance Corporation I.R.S. Identification No. 22-3059110 -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] -------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION Incorporated under the laws of the State of California -------------------------------------------------------------------------------- 5. SOLE VOTING POWER NUMBER OF 0 SHARES -------------------------------------------------- BENEFICIALLY 6. SHARED VOTING POWER OWNED BY 1,000,000 EACH -------------------------------------------------- REPORTING 7. SOLE DISPOSITIVE POWER PERSON 0 WITH -------------------------------------------------- 8. SHARED DISPOSITIVE POWER 1,000,000 -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,000,000 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.3% -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON CO Page 4 of 9 ITEM 1 (a). NAME OF ISSUER: World Air Holdings, Inc. ITEM 1 (b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The HLH Building 101 World Drive Peachtree City, GA 30269 ITEM 2 (a). NAME OF PERSON(S) FILING: American International Group, Inc. National Union Fire Insurance Company of Pittsburgh, Pa. International Lease Finance Corporation ITEM 2 (b). ADDRESS OF PRINCIPAL BUSINESS OFFICE(S): American International Group, Inc. 70 Pine Street New York, New York 10270 National Union Fire Insurance Company of Pittsburgh, Pa. 70 Pine Street New York, New York 10270 International Lease Finance Corporation 10250 Constellation Boulevard 34th Floor Los Angeles, California 90067 ITEM 2 (c). CITIZENSHIP: The information requested hereunder is set forth under Item 4 of the cover pages to this Schedule 13G. ITEM 2 (d). TITLE OF CLASS OF SECURITIES: Common Stock, $.001 par value per share ITEM 2 (e). CUSIP NUMBER: 98142H105 Page 5 of 9 ITEM 3. TYPE OF PERSONS FILING: American International Group, Inc.: Passive Investor pursuant to Rule 13d-1(c) National Union Fire Insurance Company of Pittsburgh, Pa.: (c) Insurance Company as defined in Section 3 (a) (19) of the Act International Lease Finance Corporation: Passive Investor pursuant to Rule 13d-1(c) ITEM 4. OWNERSHIP. (a) through (c). International Lease Finance Corporation, a California corporation ("ILFC"), owns 1,000,000 shares of the Common Stock, par value $0.001 per share ("Common Stock"), of World Air Holdings, Inc. (the "Issuer") received through the exercise of warrants granted by the Issuer to ILFC pursuant to a Warrant Agreement, dated as of August 24, 1999. National Union Fire Insurance Company of Pittsburgh, PA ("National Union") is deemed to hold 984,062 shares of the Issuer's Common Stock as a result of the beneficial ownership of the Issuer's Convertible Debentures due 2009 through an account managed by Zazove Associates, LLC. American International Group, Inc. ("AIG") is the ultimate parent company of both ILFC and National Union. All other information requested hereunder is set forth under Items 5 through 9 and Item 11 of the cover pages to this Schedule 13G. ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF CLASS. Not applicable. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Not applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. See Exhibit 1 attached hereto for the information requested hereunder with respect to the relevant subsidiaries of American International Group, Inc. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. Not applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP. Not applicable. Page 6 of 9 ITEM 10. CERTIFICATION. (a) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purpose or effect. (b) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 8, 2005 AMERICAN INTERNATIONAL GROUP, INC. By /s/ Win J. Neuger ------------------------------------ Name: Win J. Neuger Title: Executive Vice President and Chief Investment Officer NATIONAL UNION FIRE INSURANCE OF PITTSBURGH, PA. By /s/ Win J. Neuger ------------------------------------ Name: Win J. Neuger Title: Vice President INTERNATIONAL LEASE FINANCE CORPORATION By /s/ Alan H. Lund ------------------------------------ Name: Alan H. Lund Title: Vice Chairman and Chief Financial Officer Page 7 of 9 EXHIBIT INDEX Exhibit 1 Identification and Classification of the Subsidiaries Which Acquired the Security Being Reported on by the Parent Holding Company Page 8 of 9
Exhibit 1 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. American International Group, Inc. -- Subsidiary Information National Union Fire Insurance Company of Pittsburgh, Pa.: (c) Insurance Company as defined in Section 3(a)(19) of the Act Category Symbol: IC International Lease Finance Corporation: Passive Investor pursuant to Rule 13d-1(c) Category Symbol: CO Page 9 of 9