 1st July 2008, 22:09 | #1 (permalink) |
Join Date: Mar 2008 Location: Florida Posts: 4 | Investment money for Arrow Cargo
National Home > Business MatlinPatterson Global Opportunities Partners III Acquires Controlling Interest in Arrow Air Holdings Corporation |Distributed by Press Release MIAMI and NEW YORK, June 30 /PRNewswire/ -- Arrow Air Holdings Corporation, the parent company of Arrow Air, Inc., and MatlinPatterson Global Advisers today announced that MatlinPatterson Global Opportunities Partners III, through MP Arrow III, LLC, has acquired an 85% interest in Arrow Air Holdings. Financial terms of the transaction were not disclosed. Arrow, which provides comprehensive cargo logistics services under the name Arrow Cargo, is the largest U.S. registered air cargo carrier based at Miami International Airport. The Company provides scheduled air cargo logistics services to and from, and between the United States, Central and South America, and the Caribbean. Arrow operates nine cargo aircraft and serves more than 3,500 customers worldwide. James J. Pinto, a continuing Director on the Arrow Air Holdings Board, said, "We are delighted to have the support of MatlinPatterson, a strong financial and operational partner. Our continued interest in the company as minority investors underscores our confidence that Arrow Cargo is well-positioned for further growth and success." "Arrow is a strong competitor in the air cargo industry and a highly complementary addition to our portfolio," said Lap Chan, Managing Partner of MatlinPatterson. "We intend to modernize and expand Arrow's existing fleet by introducing B757's in late 2008 and A330's in early 2010 to facilitate the company's continued growth and improve the company's profitability." About Arrow Cargo Arrow Cargo is the largest U.S. certificated (Part 121) all cargo air carrier operating out of Miami International Airport. Arrow Cargo currently operates a fleet of seven DC-10 series aircraft and two DC-8 series aircraft. Arrow Cargo expects to grow its fleet of DC-10 aircraft to nine by the end of the year and replace its DC-8 fleet with four B757 freighters. The first B757 is expected to join Arrow Cargo's fleet in the late summer. About MatlinPatterson MatlinPatterson is a $9 billion global private equity franchise. Over a 14-year period, the firm and its investment professionals have successfully invested across a broad range of industries in over 25 countries and have led the restructuring of and made substantial investments in more than 65 companies. MatlinPatterson has a strong record of working with management teams to further their strategic plans.  |
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