Some part of the "De Tijd", a Belgian financial newspaper:
Cargo B is stopping their activities...
Belgian carrier Cargo B Airlines will stop their activities. The funds of 24 million EUR has been used and the founders of the airline haven't found any fresh cash to remain flying.
"We have decided to stop our activities" told president Rob Kuijers after the board meeting helt this noon. The reason is "Because there is no money left to remain flying". The flight of tommorow, thursday, has been cancelled including all other flights. KBC, the only bank of the company would not loan additional funds. Cargo B had a creditline of 5 million EUR with this bank.
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. In the first fase 20 million EUR was raised through investors PMV (a group of 50 investors of Petercam Services), QAT II Investments & QAT Arkiv.
Last year additional funds where brought in for the amount of 4 million EUR (PMV & Petercam), also Nippon Cargo Airlines (NCA), daughter of the Japanese transportgroup NYK funded 3 million EUR.
It is unclear how things will continue. Cargo B Airlines has about 40 pilots and 20 administrative employees in service. No decission has been made to file for bankruptcy told Kuijpers.
Source: De Tijd (Belgian Financial Newspaper)