This is from Air Cargo World
Kitty Hawk Air Cargo won new life from a bankruptcy court judge in Dallas after two of the three groups of creditors agreed to an operating plan for the bankrupt carrier, according to a spokesman for the airline.
At a hearing Dec. 19, Judge Barbara Houser delayed a final ruling on the airline’s recovery plan until Jan. 9, when she will hold a new hearing on the future of the operator of the United States’ only dedicated all-cargo network in flight for forwarders.
Under the airline’s plan, Kitty Hawk would maintain its overnight network and create a pool of money for its creditors from funds from its ongoing postal contract, assets it has sold in recent weeks and the federal bailout money related to the September 11 terror attacks. "There is no talk of liquidation," said Raymond Robinson, head of sales and marketing at the Kitty Hawk Air Cargo.
Robinson says forwarder-based business has remained strong through the fourth quarter in a network that counts 15 727-200s flying between a Fort Wayne, Ind., hub and 47 North American cities. The flights have been cut back since an agreement with Eagle Global Logistics fell apart in August, but Robinson says the airline has been averaging some 630,000 pounds of cargo nightly since September.
— By Paul Page
Air Cargo World