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Dear Business Partner,
We deeply regret that we have to advise you that the Board of Cargo B Airlines had to take the difficult decision today to stop its operation with immediate effect.
Thanks to support from our clients and the hard team work of your and our staff and all partners we have been able to stay on target as far as the load factors but the yields as a result of the market situation were lower than required and this had a big impact on our revenue and cash position.
The present economical climate with no improvements foreseen in the near future and the strong competition resulting in sometimes very low rates mean we cannot expect major improvements on the short term.
Cargo B has been doing its utmost in the past few months and as recent as last week to find the interest of new investors to increase the required capital but we have not been able to find sufficient funds and parties to warrant a continuation of the operation.
We are very grateful for all your support and the confidence given to us from the start of the flights in October 2007 and our sincere apologies for any inconveniences caused as a result of our decision.
In the next days we will come with the procedures to follow in relation to the outstanding invoices and how to proceed.
Kind regards
The Cargo B Management