The letter I just received form SAI management is that SAI will still have control and the Neff's will still be in command. Here is a clip from the email.
Under the terms of our agreement, which we signed last week, Cargo 360 will ultimately be merged into Southern Air. The combined company will operate under the Southern Air Holdings Inc. name and will be headquartered at our existing Connecticut facilities. I will remain as CEO of the combined company, with Brian Neff, currently our CFO, promoted to President. We will also remain as significant equity owners. There will be no change as far as any of SAI’s headquarters or field personnel are concerned. With respect to our crewmembers, we are working on a merger of seniority lists based on hire date. It is my understanding that this method results in a straightforward combined list, especially since Cargo 360 currently operates at approximately the same routes and utilization as we do. As a result, no SAI crewmember status will be affected. Bottom line, the only consequence to Southern Air and all its employees is that we will be able to benefit from Oak Hill’s resources, access to capital, and commitment to aviation, resulting in a larger and stronger company. As long as we continue to work together as a team and keep our focus on operational excellence and fiscal discipline, we will always be successful.
Not sure what the terms of the merger are or how they plan on merging the groups. If I had to guess many from Cargo 360 will not like the work rules at SAI. SAI just went union (in house) and are in the process of getting that started. Lets hope it goes smoothly. I am sure there will be many that are unhappy, and I am probably one of them. I guess time will tell. Hopefully there will be no fighting among the groups.
Under the terms of our agreement, which we signed last week, Cargo 360 will ultimately be merged into Southern Air. The combined company will operate under the Southern Air Holdings Inc. name and will be headquartered at our existing Connecticut facilities. I will remain as CEO of the combined company, with Brian Neff, currently our CFO, promoted to President. We will also remain as significant equity owners. There will be no change as far as any of SAI’s headquarters or field personnel are concerned. With respect to our crewmembers, we are working on a merger of seniority lists based on hire date. It is my understanding that this method results in a straightforward combined list, especially since Cargo 360 currently operates at approximately the same routes and utilization as we do. As a result, no SAI crewmember status will be affected. Bottom line, the only consequence to Southern Air and all its employees is that we will be able to benefit from Oak Hill’s resources, access to capital, and commitment to aviation, resulting in a larger and stronger company. As long as we continue to work together as a team and keep our focus on operational excellence and fiscal discipline, we will always be successful.
Not sure what the terms of the merger are or how they plan on merging the groups. If I had to guess many from Cargo 360 will not like the work rules at SAI. SAI just went union (in house) and are in the process of getting that started. Lets hope it goes smoothly. I am sure there will be many that are unhappy, and I am probably one of them. I guess time will tell. Hopefully there will be no fighting among the groups.