statement
Menzies Corporate Restructuring appointed to DAS Air Limited.
Date: 19 September 2007, London:
Andrew Duncan and Andrew Stoneman, partners from Menzies Corporate Restructuring (MCR), have been appointed as Joint Administrators to DAS Air Limited, the all cargo airline. The appointment was made on 17 September 2007. DAS Air Limited was established in 1983 to provide airline and ancillary services to Dairo Air Services, initially to satisfy the need in the African cargo market for a dedicated all cargo operator. Since then, the Group expanded to provide a successful, award winning, worldwide cargo service. In 2006, the company was awarded ‘Best All Cargo Airline to Africa’ by Air Cargo News and, just last month, operated a relief charter flight to help those affected by the floods in Sudan. At its peak in 2006, the company enjoyed annual revenues in excess of US$200m. However, a combination of events including fuel prices reaching an all time high and an unexpected legal case – duly won - by DAS Air against a sudden ban imposed on them for operating within the European Union (EU), saw their customer base drop and their financial performance decline dramatically. Andrew Duncan commented, “DAS Air has a strong pedigree and has enjoyed a market leading position for many years. The unfortunate events of last year, particularly the completely unforeseen EU ban, have, however, taken their toll.” He continued, “The EU ban has been lifted and the company is in good shape for reclaiming its position as a worldwide cargo carrier. We are working closely with the directors on a plan for taking the business forward and hope to sell the business as a going concern, thereby saving jobs and minimising disruption to the company’s customer base.” Interested parties should contact Geoff Bouchier or Paul Cooper at Menzies Corporate Restructuring