Cargo B bust ?
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At this moment the BRU website is showing the BB flight as cancelled.
Both B744F's (OO-CBC & OO-CBD) are currently at AMS.
OO-CBA is still standing at BRU as a wreck and OO-CBB is still in LGG and hasn't moved since it arrived there.
Both B744F's (OO-CBC & OO-CBD) are currently at AMS.
OO-CBA is still standing at BRU as a wreck and OO-CBB is still in LGG and hasn't moved since it arrived there.
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The flights into Africa are not making the revenue they once were. I think CargoB expected to make reasonable revenues in both directions. Revenue has dropped by about 50% south bound compared to when they first were flying these routes. Even IATA stats show drops in overall tonnage and with no one cutting capacity the market is just going to bottom out.
Not nice times!
Not nice times!
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Both B744F's are still in AMS and are not scheduled to leave... All flights are cancelled until further notice.
There should be a meeting today with Cargo B staff if rumours are correct so there will be some news this evening I think. But I doubt if it will be good news...
There should be a meeting today with Cargo B staff if rumours are correct so there will be some news this evening I think. But I doubt if it will be good news...
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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
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
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Board meeting was planned this morning but now pushed back to this afternoon.
Article in local flemish newspaper this morning states they are fighting for survival and that their is nothing left of the 27million capital.
Unless they find a new investor there is little chance they can continue to operate. 50 people could be affected.
Article in local flemish newspaper this morning states they are fighting for survival and that their is nothing left of the 27million capital.
Unless they find a new investor there is little chance they can continue to operate. 50 people could be affected.
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just as food for thought. biz plan of cargo b was made on the assumption that MK stays in administration and that cargo b takes over the mk africa biz. mk went out of administration on monday and what happend on monday .....
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Reply to playmobilshoes
Just heard that CB have decided to close the doors, I guess wherever maxblow got his info, it was pretty accurate?
Just happy I was not an investor....Euro 27m is hard to swallow!
RIP CargoB
Just happy I was not an investor....Euro 27m is hard to swallow!
RIP CargoB
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Found on another site:
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
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
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Yep, it is confirmed...
Cargo B will stop all activities and will stop flying.
But... Cargo B will not file for bankruptcy. This can mean 2 things. Either they have sufficient cash to pay everyone and close down the business on a normal way.
It can also mean that they are leaving the door open to continue activities in the far future by leaving the company (virtually) active. Since they have all necessary documents it could mean they can resume activities very quick when the time is ripe...
Anyway, it's a bad day for all employees and Belgian aviation...
Cargo B will stop all activities and will stop flying.
But... Cargo B will not file for bankruptcy. This can mean 2 things. Either they have sufficient cash to pay everyone and close down the business on a normal way.
It can also mean that they are leaving the door open to continue activities in the far future by leaving the company (virtually) active. Since they have all necessary documents it could mean they can resume activities very quick when the time is ripe...
Anyway, it's a bad day for all employees and Belgian aviation...
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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)
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)
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playmobileshoes,
is it so hard to put 2 + 2 together? A shame that your employees are the last ones to find out after everybody else in the industry with a little common sense already knew.
I bet you can go back flying your old playmobile airplane again.
Best of luck to all others finding a new job.
is it so hard to put 2 + 2 together? A shame that your employees are the last ones to find out after everybody else in the industry with a little common sense already knew.
I bet you can go back flying your old playmobile airplane again.
Best of luck to all others finding a new job.
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Euro 12 million to move to Liege
There are some interesting comments on the belgian aviation website www.luchtzak.be concerning the demise of cargo b.
There is mention of it costing Euro 12m to move the operation to LGG from BRU, even though the office and staff remain in BRU......seems like an incredible price to pay for a company already in dire financial trouble....belgian politics again I guess?
There is mention of it costing Euro 12m to move the operation to LGG from BRU, even though the office and staff remain in BRU......seems like an incredible price to pay for a company already in dire financial trouble....belgian politics again I guess?
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There were some repairs done, but they also removed 2 engines and the nose-cone.
Some say it's property of the insurance company, the cockpit was promised to the firebrigade ,........ others say it will be repaired to fly again.
In short, the 2 brand new a/c are in AMS, the crap remains in BRU (oocba) and LGG (oocbb)
Some say it's property of the insurance company, the cockpit was promised to the firebrigade ,........ others say it will be repaired to fly again.
In short, the 2 brand new a/c are in AMS, the crap remains in BRU (oocba) and LGG (oocbb)
