Some news in the financial newspaper "De Tijd":
De Tijd: Mayday voor Cargo B Airlines (only dutch)
Quick Translation:
Mayday for Cargo B Airlines:
Belgian airfreight carrier Cargo B Airlines is strugling to stay alive but the chance is great that all activities will be suspended unless a new investor will be found. This noon, at 13h00, there will be a board meeting to discuss the future (or faillure) of Cargo B. The capital of 27 million EUR is completely used.
All personell, based in Africa and South America were recalled to Belgium for a meeting with the pilots yesterday. A crucial boardmeeting, which would be held this morning is suspended to this noon.
Is Cargo B forced to stop activities asked the newspaper to the president Rob Kuijpers, the man who also founded the airline. I just don't know was the reaction of the president... Cargo B is flying with 2 brand new Boeing 747-400F freighters and is employing more then 50 people, most of then pilots.
Both airplanes are in Amsterdam for maintenance says Dirk Vrebos, Director Operations. The scheduled flights for today are cancelled but yesterday Vrebos told us that this weekend flights would continue. Invoices for flighthandler Aviapartner are paid untill next monday. However, the last invoice for fuel was paid by the NYK group, one of Cargo B shareholders.
Cargo B started operations in the end of 2007 with a very decent businessplan but the carier had to deal with some problems like the delayed deliveries of the new airplanes, the delay of the AOC and the sudden impact of the crisis in the sector. Cargo B was funded through PMV (a group of 50 investors from Petercam Services), QAT II Investments and QAT Arkiv with a fund of 20 million EUR. Last year a new shareholder, the NYK holding, which also operates in the port of Zeebrugge and also owner of Nippon Cargo Airlines (NCA), funded another 7 million EUR into Cargo B Airlines.
Source: De Tijd