Arrow Air - Done?

[B747FR8DAWG]

Press Release
For Immediate Release

ARROW AIR TO CEASE SCHEDULED SERVICE OPERATIONS

MIAMI – June 30, 2010 – Arrow Air Holdings Corp. (“Arrow”) today announced the Company
will cease scheduled service operations, effective immediately. Arrow issued the following
statement:

“Like many companies in our industry, Arrow Air has experienced significant operating
losses as a result of increasing operating costs and declining revenues. The decision to
wind down the Company’s schedule service operations was a difficult one. This decision
was not made lightly, and was a last resort after the Company exhaustively searched for
other options including financing or a sale of the business. Arrow is now focused on
helping to smooth the transition for the Company’s hard working, dedicated employees
as well as its customers, suppliers and other stakeholders.”


About Arrow Air Holdings Corp.
Arrow Air Holdings Corp., operating under the trade name Arrow Cargo, is a U.S. certificated
all cargo air carrier operating out of Miami International Airport.

Contact:
Andi Salas
212-355-4449

 

[B747FR8DAWG]

The press release says "Scheduled Service", does this mean they will only operate as a charter airline now?????

 

[tailwindz]

Subject: Arrow Shutdown Effective Tonight. (6/29/10).

Arrow is to shutdown effective immediately. The company will terminate all employees except for two crews on each aircraft type. Those crews are to be retained by order of seniority. The four crews will perform as ferry crewmembers, in order to ferry the aircraft to the destinations requested by the aircraft owners.

Arrow has made arrangements to provide airline tickets for all crews that are currently out-of-base and bring them home.

The Company has agreed to pay the healthcare premiums for the crewmembers through 8/31/10.

The Company will run a special payroll with deposits made tomorrow (6/30/10). The Company estimated the amount of flying to be performed on the last day of operation and there may be four or five crewmembers with pay that was shorted due to additional unanticipated flights. Those Crewmembers that believe their pay ay have been shorted, are to contact HR and request additional pay.

The Company will make all training and flight records available to each Crewmember. Those wishing to retrieve these records can make arrangements to retrieve copies from Human Resources. These records can be exchanged at the time that crewmembers turn in their manuals and other company property. The Company is particularly interested in recovering all airline, airport and customs IDs. Crewmembers should also be able to retrieve any additional pay owed when they return their company property.

Captain van Lier indicated that he will contact the Union in the next two or three days to arrange for “effects bargaining” in the next couple of weeks.

 

[CaptSeth]

Ah, the Midas touch of Matlin Patterson Global Opportunities Partners II! The stupid frat boys from Madison Ave strike again.

 

[75 Driver]

Look out World Airways.....

 

[BayBum37ft]

Look out North American.
At best you have 2 years left.

 

[Palmtree Pilot]

Look out World Airways.....

... for what?

PtP

 

[jehtplane]

look out north american.
At best you have 2 years left.

huh??

 

[75 Driver]

We are referring to the fact that Matlin Patterson Global Opportunities Partners II is involved with both World and North American.

 

[bigboeings]

North American at least continues to make a profit.