Tag Archives: Southern Air

UPS to drop its bid to acquire TNT Express due to expected EC disapproval

United Parcel Service Inc (UPS) (UPS Airlines) (Atlanta and Louisville) will drop its bid to acquire TNT Express N.V. (Hoofddorp) because it now expects the European Commission (EC) to deny the acquisition.

On March 19, 2012, UPS announced its intention to acquire TNT Express for $6.7 billion. On September 5, 2012, UPS announced it expected to close the deal in early 2013 subject to EC approval.

UPS will pay TNT a termination fee in the amount of EUR 200 million.

TNT Airways (Liege) is a subsidiary of TNT Express. TNT is now expected to remain independent.

UPS issued the following statement:

United Parcel Service, Inc. announced today (January 14) the European Commission (EC) has informed UPS and TNT Express that it is working on a decision to prohibit the proposed acquisition of TNT Express.

UPS submitted an initial remedies proposal on November 29, 2012 and subsequently revised the proposal twice. UPS began the competitive review process with the EC in March 2012.

Scott Davis, UPS Chairman and CEO said, “We are extremely disappointed with the EC’s position. We proposed significant and tangible remedies designed to address the EC’s concerns with the transaction. The combined company would have been transformative for the logistics industry, bringing meaningful benefits to consumers and customers around the world, while supporting growth in Europe in particular.”

Upon prohibition by the EC, the Offer Condition relating to EU Competition Clearance will not be fulfilled and UPS will pay TNT a termination fee in the amount of EUR 200 million and will withdraw the Offer.

Further announcements will be made once the European Commission has issued its formal decision. The decision is expected to be adopted formally in the coming weeks.

Top Copyright Photo: Michael B. Ing. Boeing 747-44AF N572UP (msn 35669) climbs away from Anchorage International Airport (ANC).

UPS:

TNT:

Bottom Copyright Photo: Rainer Bexten. Southern Air’s Boeing 777-FHT N778SA (msn 39286) arrives at the Liege, Belgium sorting facility.

Southern Air files for Chapter 11 bankruptcy protection and reorganization

Southern Air, Inc. (2nd) and the holding company, Southern Air Holdings, Inc., today (September 28) filed for Chapter 11 bankruptcy protection and reorganization.

The company issued the following statement:

To position the company for future growth and success, Southern Air has been taking steps in response to the economic challenges and extreme industry changes that have impacted the international freight market, including major cutbacks in spending by the U.S. Department of Defense. At the same time, we have been making good progress in transitioning to a modern, fuel-efficient fleet of 777s and 747-400s serving global customers. The next component of our transformation is the restructuring of our corporate debt and other costs associated with our acquisition in 2007. With an improved balance sheet, Southern Air will have a greater capacity to move forward as a global air cargo industry leader on a financially stronger and more competitive foundation for the long term.

In order to implement this financial restructuring, Southern Air Holdings, Inc., including Southern Air Inc., filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on September 28, 2012 with the support of a majority of our key financial stakeholders. We will work with them to finalize, obtain court approval for, and implement a plan of reorganization as quickly as possible.

We have also filed a proposed plan of reorganization that has the support of a majority of our key financial stakeholders and provides for the continuation of our business in the normal course. We are working to complete the debt restructuring as quickly and efficiently as possible.

Southern Air remains open for business as usual, and fully expects to continue normal business operations, fulfilling all customer requirements as scheduled and providing uninterrupted high quality air cargo services.

Southern Air:

Southern Air adds two new Boeing 777F freighters

Southern Air (2nd) (Anchorage) today announced the addition of two Boeing 777F freighters to its fleet. With these additions, Southern Air will operate four 777F aircraft, the world’s largest and most advanced twin-engine freighter. Southern Air has taken delivery of its third 777F and will take delivery of its fourth on April 25 from Boeing.

The new aircraft will be immediately inducted into DHL Express. They will be utilized by DHL for its new round-the-world service from Hong Kong to Los Angeles to Leipzig, Germany, and back to Hong Kong. Southern Air’s first two 777Fs have flown the Cincinnati-Bahrain-Hong Kong routes for DHL since September 2011.

Southern Air Slide Show: CLICK HERE

Southern Air (2nd) introduces a new livery

Southern Air (2nd) Boeing 747-3B5 (SF) N749SA (msn 24194) MIA (Luimer Cordero) (new livery), originally uploaded by Airliners Gallery.

Southern Air (2nd) (Anchorage) has introduced a new color scheme for the regular fleet in addition to the new “generic” 777F livery just introduced for ACMI cargo operations for Thai Airways International.

Copyright Photo: Luimer Cordero. Boeing 747-3B5 (SF) N749SA (msn 24194) prepares to land at Miami in the new look. The new South Terminal (with “Miami” on the side of the building) is in the background.

Boeing delivers two Boeing 777F freighters to Southern Air

Thai Cargo Boeing 777F N775SA, originally uploaded by SteelDreams.

Boeing (Chicago, Seattle, Wichita and Charleston) has delivered two 777F freighters to Southern Air (2nd) (Southern Air Holdings, Inc.), the first 777s to join the Norwalk, Conn.-based cargo carrier’s fleet.

The addition of these two airplanes makes Southern Air (Anchorage) the world’s first aircraft, crew, maintenance and insurance (ACMI) operator to feature the 777F freighter.

Southern Air has entered into an agreement to operate the two 777F freighters on behalf of Thai Airways International (Bangkok). Thai Airways will utilize the full capacity of the 777F freighters, becoming the first carrier in Southeast Asia to offer this capability to its freight customers.

Southern Air is a portfolio company of Oak Hill Capital Partners. In addition to the new Boeing 777 Freighters, Southern Air operates a fleet of 16 Boeing 747 Freighter airplanes.

Copyright Photo: SteelDreams. The second Boeing 777-FZB N775SA (msn 37987) is pictured at Everett in the new “generic” color scheme featuring Thai’s web address. N775SA was handed over on March 3 and joins the previously delivered N774SA.

Southern Air (2nd) accepts its first Boeing 777F for operation for Thai Airways International

Southern Air 777, originally uploaded by Steve__N.

Southern Air (2nd) (Anchorage) on February 17 took delivery of its first modern Boeing 777F freighter. Boeing 777-FZB N774SA (msn 37986) was accepted in a white condition. The freighter flew to Victorville, CA for painting in this somewhat generic 2010 livery with Thai’s web address. Southern Air is the world’s first ACMI operator of the 777F.

Thai Airways International (Bangkok) has entered into a block space agreement with Southern Air to utilize the full capacity of the first two 777Fs. Thai Cargo and Southern Air will officially announce the freighter operation in March at Thai Cargo’s facility at the Suvarnabhumi International Airport in Bangkok.

The second 777-FZB (N775SA, msn 37987) is also fully painted at Everett (Paine Field) and will be delivered on March 2.

Southern Air to operate two 777Fs for Thai

Copyright Photo: Ken Petersen. Please click on photo for full view, information and other photos.

Southern Air (2nd) (Norwalk and Anchorage) will operated two Boeing 777F long-range freighters for Thai Airways International (Bangkok) from BKK to Europe starting in early 2010. On July 30, 2007 Southern Air was acquired by Oak Hill Partners and it was merged with Cargo 360 forming Southern Air Holdings. At the time Oak Hill Capital Partners anticipated Southern Air would soon operate a fleet of six Boeing 777F freighters for its ACMI operations. Southern Air is also intending to operate the new 747-800F in the future. Southern Air currently operates a fleet of Boeing 747-200F and 747-300F freighters.

Press release:

finance.yahoo.com/news/THAI-to-be-First-Regional-prnews-1948509025.html?x=0&.v=1