World Airways reorganized to save $3.2 million.

The Oakland-based airline company said it hopes to save that much and improve efficiency by reorganizing into two divisions, its scheduled airline and an airline service center. The plan also calls for cutting 126 management positions and reducing to seven from 11 the number of vice presidents. More job cuts may be announced soon, the company said. The troubled airline has undergone a series of restructuring and recapitalization efforts in an effort to trim losses that totaled $115 million in the past four years.