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.

 

[redneck jihad]

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

Condolences to all the Arrow folks.

As for North American and World, as far as I know, they're not bleeding cash like other companies MP has shut down.

Since this board seems to be full of experts , it should go without saying that margins are pretty tight in the MIA cargo market.

 

[Crzipilot]

Arrow guys, this really sucks. As crappy as that place was sometimes, have a ton of fond memories from the guys that I flew with there. Some still there, some just passed through. Was there from '91-99, some of the best times flying down there.

I think if you look through it, Arrow was the countries OLDEST operating cargo carrier, or such was the claim old Batchelor made.

 

[waka]

I'm no financial wizard, so please excuse my ignorance. If this Global Aviation Holdings IPO is successful, would that take GLAH out from under MP's umbrella? Is this a good thing? What do you say World and NA pilots?

 

[Whistlin' Dan]

Another icon bites the dust.

RIP Big "A"

 

[greasy8driver]

It's to bad to see the Big A go by the waist side. I was there from 97-00 and have a lot of good memories from that place.

 

[727gm]

It's to bad to see the Big A go by the waist side.

that's "wayside"

 

[greasy8driver]

727gm,

Thanks for the correction! I should blame it on cocktails before logging on...but, I probably would have screwed it up anyway.

 

[DA-20]

I remeber BIG A doing thouch and go's in the swamp at TNT

 

[skyguy40]

Gee, thats too bad. I was there back in the FineAir days and we were in the process of crossing over the fence between the two. I was there 98-01. Good luck to all the guys there. I wish you the best.
David Abbott

 

[Crzipilot]

Was there 92-99 and again in 02-04, missed the punishment and had to go back....