Another one bites the dust
08 / 07 / 2010
A SECOND significant all-cargo airline is to be wound-up, following on from the failure of MK Airlines earlier this year.
Arrow Cargo’s parent company MatlinPatterson finally pulled the plug on protracted talks with Centurion Air Cargo, and at least one other unnamed potential buyer, after an agreement on price could not be reached.
Centurion had been driving a hard bargain to pick up Arrow Cargo and its assets, as it seeks to increase its share of the Latin America-US market. However, in early June, Centurion walked away from the deal, believing that it could acquire the assets cheaper if the airline went into Chapter 11 bankruptcy.
With Arrow Cargo now announcing that the company will be liquidated, Centurion will be looking to pick up selective pieces of the operation.
For the full story read the latest free digital edition of Air Cargo News, dated 12 July, here.