Alain Durand
October 16th, 2007, 05:45
http://www.flightglobal.com/articles/2007/10/16/218640/kitty-hawk-files-for-bankruptcy.html
Kitty Hawk files for bankruptcy
By Mary Kirby
US freight operator Kitty Hawk has filed to reorganize its operations under Chapter 11 bankruptcy protection.
The filing, made in a Texas bankruptcy court, is part of the company’s efforts “to address financial challenges and identify a strategic or financial investorâ€Â, says Kitty Hawk in a statement.
During this process, Kitty Hawk intends to operate all of its air and ground networks and conduct business as usual, pay “critical vendors and owner-operator contractors†as well as pay “post-petition†vendors, suppliers and other business partners for goods and services provided, it says.
Kitty Hawk serves more than 1,000 freight forwarders, integrated carriers, domestic and international airlines and logistics companies with its air and ground network as well as a fleet of Boeing 737-300SF and 727-200 cargo aircraft.
The company in July disclosed it is exploring strategic alternatives, including the possible sale of part or all of the company.
The scheduled freight subsidiary of Kitty Hawk previously restructured under Chapter 11; it emerged from bankruptcy protection in September 2002.
Kitty Hawk files for bankruptcy
By Mary Kirby
US freight operator Kitty Hawk has filed to reorganize its operations under Chapter 11 bankruptcy protection.
The filing, made in a Texas bankruptcy court, is part of the company’s efforts “to address financial challenges and identify a strategic or financial investorâ€Â, says Kitty Hawk in a statement.
During this process, Kitty Hawk intends to operate all of its air and ground networks and conduct business as usual, pay “critical vendors and owner-operator contractors†as well as pay “post-petition†vendors, suppliers and other business partners for goods and services provided, it says.
Kitty Hawk serves more than 1,000 freight forwarders, integrated carriers, domestic and international airlines and logistics companies with its air and ground network as well as a fleet of Boeing 737-300SF and 727-200 cargo aircraft.
The company in July disclosed it is exploring strategic alternatives, including the possible sale of part or all of the company.
The scheduled freight subsidiary of Kitty Hawk previously restructured under Chapter 11; it emerged from bankruptcy protection in September 2002.
