Kitty Hawk Bankruptcy
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Joined: Sep 2007
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From: Greensboro, NC USA
Kitty Hawk Bankruptcy
From Aviation Interactive - Oct 16
Kitty Hawk files for Chapter 11
Kitty Hawk and its wholly-owned subsidiaries (Kitty Hawk Cargo, Kitty Hawk Ground, Kitty Hawk Aircargo and KH Ground) have filed for Chapter 11 bankruptcy protection to “address financial challenges and identify a strategic or financial investor”. In its statement the company also said that it had secured debtor-in-possession financing and planned to operate all of its air and ground networks and conduct business as usual.
Kitty Hawk files for Chapter 11
Kitty Hawk and its wholly-owned subsidiaries (Kitty Hawk Cargo, Kitty Hawk Ground, Kitty Hawk Aircargo and KH Ground) have filed for Chapter 11 bankruptcy protection to “address financial challenges and identify a strategic or financial investor”. In its statement the company also said that it had secured debtor-in-possession financing and planned to operate all of its air and ground networks and conduct business as usual.
Joined: Oct 2005
Posts: 3,218
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From: USA
Well, there's the second time around.
Kalitta spent 30 years building up a company to one of the biggest airlines in the world, it merged with kitty hawk, and 3 years later was bankrupt. He re-bought it, and in less than seven years is making a highe gross with less aircraft. And Kitty Hawk is declaring bankrupcy again. Good grief.
Kalitta spent 30 years building up a company to one of the biggest airlines in the world, it merged with kitty hawk, and 3 years later was bankrupt. He re-bought it, and in less than seven years is making a highe gross with less aircraft. And Kitty Hawk is declaring bankrupcy again. Good grief.
Joined: Jul 2002
Posts: 313
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From: Trailer in BC
Not to mention that when !!!!ty Hawk put all ( several hundred ) of the crewmembers on the street..didn't pay anyone there salaries, backpay, vacation pay etc. owed to them then after the settlement with the courts..issued worthless stock to the crewmembers in lew of pay. As of last month or so the stock I was given was worth about $400.00 US. That replaced the $27,000.00 US they owed me. Do I feel bad for them?
I do feel bad for the crewmembers that presently work there. Good luck to you all.
I do feel bad for the crewmembers that presently work there. Good luck to you all.
Joined: Jan 2006
Posts: 137
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From: Florida
Flying 727's in this market is tough witht he proce of fuel being so high. However, from what it sounds like the company is trying to reorgamize and everyone is getting paid, that is good. Hopefully there will be another to pick them up and all will have a nice Christmas.
Joined: Jan 2003
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From: USA
Wasn't there some questionable things going on back in the late 90's concerning Kalitta's interest in Kitty Hawk?
Seems I remember something about this.
I do remember many leaving Saudia for this Kalitta/Kitty hawk job and only a few were actually hired after being promised jobs by Kalitta.
Wasn't long after this that Kitty hawk was said to be in trouble.
Perhaps I am wrong and have the time line confused.
Seems I remember something about this.
I do remember many leaving Saudia for this Kalitta/Kitty hawk job and only a few were actually hired after being promised jobs by Kalitta.
Wasn't long after this that Kitty hawk was said to be in trouble.
Perhaps I am wrong and have the time line confused.
Last edited by Earl; 21st October 2007 at 02:50.
Joined: Jan 2006
Posts: 137
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From: Florida
Kalittla and Kitty Hawk what a pair.
I read to day where they shut the doors. So sad, another one bites the dust, shortsideness, fuel prices and greed just killed a lot of good people.
Sad part is.........these same people will show up again, with the same promises, and failures, leaving another group of fine crewmembers in the dust. Ahem.
I read to day where they shut the doors. So sad, another one bites the dust, shortsideness, fuel prices and greed just killed a lot of good people.
Sad part is.........these same people will show up again, with the same promises, and failures, leaving another group of fine crewmembers in the dust. Ahem.
Thread Starter
Joined: Sep 2007
Posts: 58
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From: Greensboro, NC USA
It only gets sadder
Kitty Hawk Cuts Service, Jobs Following Bankruptcy Filing
Wed, 31 Oct '07 Filed Chapter 11 Twice In Seven Years
Beleaguered air freight and ground cargo operation Kitty Hawk Inc. announced this week it has shut down most of its operations, and will eliminate 500 jobs.
According to the Dallas Morning News, Kitty Hawk Aircargo and KH Ground Inc., filed for Chapter 11 bankruptcy protection from creditors two weeks ago... the second time in seven years it had done so. Kitty Hawk previously filed for protection in 2000, and reemerged in 2002.
"Kitty Hawk's financial condition has deteriorated significantly over the last year, and the ceasing of network air and ground operations is necessitated by, among other things, a 25 percent decrease in year-over-year demand for its air product and a 15 percent year-over-year decrease in demand for its ground product," the carrier said.
Kitty Hawk officials also cited record-high jet and diesel fuel prices as reasons for the grim news. The operation reported net losses of $19.9 million in the first six months of 2007... and over $34 million since January 2006.
The cargo company is based at Dallas/Fort Worth International Airport, and has a hub in Fort Wayne, IN. The carrier said it plans to continue charter air cargo and on-demand operations.
Kitty Hawk appealed to investors in August it would likely need more loans or equity to "fund our operations during the second quarter of 2008" -- but then filed for bankruptcy protection October 15.
Shares in the air-and-ground operation will likely be delisted from the American Stock Exchange on Wednesday. Shares stopped trading upon its bankruptcy filing, at a whopping nine cents a share.
According to its bankruptcy filing, Kitty Hawk has 776 employees, of which 671 are full-time workers
Wed, 31 Oct '07 Filed Chapter 11 Twice In Seven Years
Beleaguered air freight and ground cargo operation Kitty Hawk Inc. announced this week it has shut down most of its operations, and will eliminate 500 jobs.
According to the Dallas Morning News, Kitty Hawk Aircargo and KH Ground Inc., filed for Chapter 11 bankruptcy protection from creditors two weeks ago... the second time in seven years it had done so. Kitty Hawk previously filed for protection in 2000, and reemerged in 2002.
"Kitty Hawk's financial condition has deteriorated significantly over the last year, and the ceasing of network air and ground operations is necessitated by, among other things, a 25 percent decrease in year-over-year demand for its air product and a 15 percent year-over-year decrease in demand for its ground product," the carrier said.
Kitty Hawk officials also cited record-high jet and diesel fuel prices as reasons for the grim news. The operation reported net losses of $19.9 million in the first six months of 2007... and over $34 million since January 2006.
The cargo company is based at Dallas/Fort Worth International Airport, and has a hub in Fort Wayne, IN. The carrier said it plans to continue charter air cargo and on-demand operations.
Kitty Hawk appealed to investors in August it would likely need more loans or equity to "fund our operations during the second quarter of 2008" -- but then filed for bankruptcy protection October 15.
Shares in the air-and-ground operation will likely be delisted from the American Stock Exchange on Wednesday. Shares stopped trading upon its bankruptcy filing, at a whopping nine cents a share.
According to its bankruptcy filing, Kitty Hawk has 776 employees, of which 671 are full-time workers
Joined: Jul 2001
Aviation Qualifications: ATPL
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From: USA
Too Sad!
I feel really bad for the Kitty Hawk pilots. Awesome bunch of guys....
I used to regularly jump seat on Kitty.
Really cool dudes.....
Wish them all the best!!!!
Fly safe all!
I used to regularly jump seat on Kitty.
Really cool dudes.....
Wish them all the best!!!!
Fly safe all!
