Air cargo charter airline Evergreen in trouble

RISING debts have forced US air cargo company Evergreen International Airlines to the brink of bankruptcy.
The ACMI and charter airline, which for decades has supported the US military and operated thousands of commercial operations with a fleet of old B747Fs, ran into trouble last year, as debts soared.
Bond rating agencies had issued warnings about its creditworthiness.
The company often paid its employees late. It is reported that the company used a voicemail message to inform employees of the planned closure.
The air cargo charter airline, which operated a fleet of B747s worldwide, is now down to a skeleton force.
Del Smith founded Evergreen and kept the business alive for decades. The now octogenarian also launched an aviation and space museum.
In March, Evergreen sold its helicopter unit to help pay off US$276 million of debts.
Evergreen faces legal challenges as well, including an ongoing investigation by the Oregon Department of Justice into alleged money transfers between its commercial and non-profit ventures.
A United Arab Emirates company is reportedly suing Evergreen International Airlines, claiming the US company owes it more than US$5million for air cargo missions conducted in Afghanistan.
Share this story

Related Topics

Latest region news

Pilot expands in US and Mexico with acquisitions

Logistics and transportation provider Pilot Freight Services (Pilot) has expanded its presence in the US Midwest and along the US-Mexico…

Read More

Share this story

DHL Supply Chain invests $70m in pharma and healthcare operations

By Rachelle Harry

DHL Supply Chain is continuing to invest in its life sciences and healthcare capabilities in North America. The company has…

Read More

Share this story

Swissport appoints Western Europe head

By Rachelle Harry

Ground handler Swissport has appointed Liam McElroy as head of its Western Europe region, effective immediately. In his new role,…

Read More

Share this story