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 02.19.18

Airborne-UnManned 02.20.18

Airborne 02.21.18

AMA Drone Report 02.22.18

Airborne 02.23.18

Airborne-YouTube

Airborne 02.19.18

Airborne-UnManned 02.20.18

Airborne 02.21.18

AMA Drone Report 02.22.18

Airborne 02.23.18

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

Airborne-Unmanned 02.20.18: USMC InstantEye, Raleigh Reconsiders, Battle Drones

Also: Fortem DroneHunter, Solar-Powered Rover, Drone Mkt Worth $48.88B, MQ-25 Partnerships InstantEye Robotics has received a substantial order from PMA-263, the Navy and Marine Co>[...]

Airborne 02.21.18: AEA Report, Aerocor Eclipse Program, WWII Airman Recovered

Also: Gulfstream To Expand, Med-Trans Partners, FAA SAIB On AT-6, Passenger Gas Curtails Flight The AEA has released its 2017 year-end Avionics Market Report. Total worldwide busin>[...]

Airborne 02.23.18: Textron Nixes TTx, GAMA $Billing$, Bronco II

Also: Airliner Evacuation, Tuskegee Airman Event, Sikorsky Combat Rescue Helicopter, FreeFlight Txp Integration Textron Aviation has apparently ended production of the Cessna TTx a>[...]

Airborne 02.23.18: Textron Nixes TTx, GAMA $Billing$, Bronco II

Also: Airliner Evacuation, Tuskegee Airman Event, Sikorsky Combat Rescue Helicopter, FreeFlight Txp Integration Textron Aviation has apparently ended production of the Cessna TTx a>[...]

Bronco II Aircraft Launched For The U.S. Market

New Airplane Based On The Bronco AHRLAC Aircraft Bronco Combat Systems (BCS) USA has introduced the Bronco II Aircraft. The Bronco II, which is based on the AHRLAC aircraft (Advanc>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2018 Web Development & Design by Pauli Systems, LC