Kitty Hawk Cuts Service, Jobs Following Bankruptcy Filing | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne 12.11.17

Airborne-Unmanned 12.12.17

Airborne 12.13.17

AMA Drone Report 12.07.17

Airborne 12.08.17

Airborne-YouTube

Airborne 12.11.17

Airborne-Unmanned 12.12.17

Airborne 12.13.17

AMA Drone Report 12.07.17

Airborne 12.08.17

Wed, Oct 31, 2007

Kitty Hawk Cuts Service, Jobs Following Bankruptcy Filing

Filed Chapter 11 Twice In Seven Years

Beleaguered air freight and ground cargo operation Kitty Hawk Inc. announced this week it has shut down most of its operations, and will eliminate 500 jobs.

According to the Dallas Morning News, Kitty Hawk Aircargo and KH Ground Inc., filed for Chapter 11 bankruptcy protection from creditors two weeks ago... the second time in seven years it had done so. Kitty Hawk previously filed for protection in 2000, and reemerged in 2002.

"Kitty Hawk's financial condition has deteriorated significantly over the last year, and the ceasing of network air and ground operations is necessitated by, among other things, a 25 percent decrease in year-over-year demand for its air product and a 15 percent year-over-year decrease in demand for its ground product," the carrier said.

Kitty Hawk officials also cited record-high jet and diesel fuel prices as reasons for the grim news. The operation reported net losses of $19.9 million in the first six months of 2007... and over $34 million since January 2006.

The cargo company is based at Dallas/Fort Worth International Airport, and has a hub in Fort Wayne, IN. The carrier said it plans to continue charter air cargo and on-demand operations.

Kitty Hawk appealed to investors in August it would likely need more loans or equity to "fund our operations during the second quarter of 2008" -- but then filed for bankruptcy protection October 15.

Shares in the air-and-ground operation will likely be delisted from the American Stock Exchange on Wednesday. Shares stopped trading upon its bankruptcy filing, at a whopping nine cents a share.

According to its bankruptcy filing, Kitty Hawk has 776 employees, of which 671 are full-time workers.

FMI: www.kittyhawkcompanies.com/

Advertisement

More News

President Trump Signs Space Policy Directive 1

Instructs NASA To Refocus On Manned Space Exploration President Donald Trump is sending astronauts back to the Moon. The president Monday signed at the White House Space Policy Dir>[...]

AMA Drone Report 12.07.17: AMA Supports GoFly, ALPA v UAS, EU Drone Regs

Also: Drones Hunt Pythons, MI State Regs, Thanksgiving Drone Flying, Drone Collision Report A little outside our normal coverage responsibilities, nonetheless, we’re intrigue>[...]

Airborne 12.11.17: Pilatus PC-24 Cert, VerdeGo Aero, Canada Nixes Hornets

Also: Engine Coatings Facility, Wrong Runway At JFK, ATR 72-600 Flight Sim, Regional Airline Association Pilatus has obtained type certificates from the FAA and EASA for the first >[...]

Airborne-Unmanned 12.12.17: ERAU Storm Chaser, USMC Drone Insignia, Malawian UAV

Also: NLR Signs Agreement, QinetiQ, Big Bend Community College, 2nd Annual UAS Conference, Tigershark UAS Kicking off a series of tests for its capstone project, the UAV Storm Chas>[...]

Airborne-Unmanned 12.12.17: ERAU Storm Chaser, USMC Drone Insignia, Malawian UAV

Also: NLR Signs Agreement, QinetiQ, Big Bend Community College, 2nd Annual UAS Conference, Tigershark UAS Kicking off a series of tests for its capstone project, the UAV Storm Chas>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC