Amerijet Files for Chapter 11
From atwonline.com:
Amerijet International, a small Fort Lauderdale-based cargo airline, filed for Chapter 11 bankruptcy reorganization yesterday, citing among other things the loss of a contract to supply Emery Worldwide with lift that idled six 727Fs--half its fleet--last Jan. Amerijet said it intends to continue operating its "core cargo business" consisting of scheduled and charter service to the Caribbean and Latin America as it works out a financial restructuring. Last Friday it laid off 22 employees but said it is not planning additional cuts to its workforce of nearly 400. Amerijet provided lift to Emery in support of the latter's contract with the US Postal Service under an agreement that produced around 25% of annual revenues. However, FedEx took over Emery's USPS business this year.