FT090702 Link to Air Cargo News article:
Originally Posted by Air Cargo News
Cargo B Bites The Dust
Belgian air freight carrier Cargo B has ceased all operations this Wednesday due to lack of capital.
A high-ranking manager of the carrier’s general sales agent European Cargo Services (ECS) confirmed this to ACNFT.
The insolvency became unavoidable after minority stakeholder Japanese Nippon Cargo Airlines (NCA) rejected plans for an immediate capital injection to channel badly needed cash into Cargo B’s empty coffers.
“Obviously they were so short of money that they couldn’t pay their bills any more and consequently had to stop their entire activities,” commented a person close to the case.
Cargo B is the latest victim of the ongoing financial and economic crisis after a number of North American and Asian air freight carriers went broke before.
The Brussels-based airline first took to the skies in October 2007 with B747-200F’s that had been utilized by Russian Air Bridge Cargo. Confronted with high rising fuel prices Brussels B got rid of the old and kerosene consuming equipment to lease a modern B747-400F from Japanese NCA.
A second brand new freighter of this Boeing variant followed in mid-May this year.
Both aircraft were deployed on a number of routes between Belgium and Latin America and Africa.
In addition to scheduled services, Cargo B also offered full- and part-charters.
At Munich-held Transport Logistik exhibition the airline revealed plans to move operations from Brussels to Liege Airport due to night flight restrictions at their home-base, Zaventem Airport. These plans can be buried now unless the management attracts new investors out that are willing to inject substantial funds in the airline to guarantee Brussel B’s survival.
Heiner Siegmund