Arrow Cargo (3rd) (Miami) filed for bankruptcy protection yesterday (June 30) and its assets will be liquidated.
Read the Reuters report:
Copyright Photo: Ken Petersen. Ex-Eastern Airlines Boeing 757-225 (F) N688GX (msn 22688) taxies at New York (JFK) in better times.
Arrow Cargo (3rd) McDonnell Douglas DC-10-30F N526MD (msn 46998) MIA (Bruce Drum), originally uploaded by Airliners Gallery.
Arrow Cargo (3rd) (Miami) operated its last cargo flight last night. There are no flights scheduled for today and the fleet is sitting at Miami. This version of Arrow commenced operations on May 9, 2002.
The company issued the following press release:
Arrow Air Holdings Corp. (“Arrow”) today (June 30) announced the company will cease scheduled service operations, effective immediately. Arrow issued the following
“Like many companies in our industry, Arrow Air has experienced significant operating losses as a result of increasing operating costs and declining revenues. The decision to wind down the company’s schedule service operations was a difficult one. This decision
was not made lightly, and was a last resort after the company exhaustively searched for other options including financing or a sale of the business. Arrow is now focused on helping to smooth the transition for the company’s hard working, dedicated employees
as well as its customers, suppliers and other stakeholders.”
Arrow Air Holdings Corporation, operating under the trade name of Arrow Cargo, is a U.S. certificated all cargo air carrier operating out of Miami International Airport.
Read the full media report from the South Florida Business Journal:
Copyright Photo: Bruce Drum. Arrow Cargo operated a mixed fleet of McDonnell Douglas DC-10s and new Boeing 757-200 freighters. DC-10-30F N526MD (msn 46998) taxies at the MIA base.
Arrow Cargo (3rd) (Miami) may be forced to shut down according to this published report in the South Florida Business Journal.
The company has notified the state of Florida that it may be forced to cease all operations and lay off all of its 473 employees at its MIA headquarters. Employees were notified of the possibility on April 9.
Arrow is still talking to a number of possible investors including Centurion Air Cargo (Miami) according to Air Cargo News. If successful Centurion could acquire Arrow’s fleet of McDonnell Douglas DC-10 and Boeing 757-200 freighters.
Read the full report:
Arrow Cargo (Miami) has wet leased two McDonnell Douglas MD-11F freighters from World Airways (Atlanta). One is already is in service and a second will be operated from July through December 2009. The aircraft are expected to be operated in World colors.