Belgian airfreight company Cargo B Airlines is waiting on tenterhooks for a last-minute investor to rescue the business, according to a report in De Tijd, a local financial newspaper.
A board meeting was scheduled for 13:00 today to look at any last-ditch avenues to source rescue capital. This meeting was scheduled originally for yesterday morning, but was postponed at the last minute.
Personnel in Africa and South America are being recalled in apparent anticipation of the imminent dissolution of the company. When asked by De Tijd if the company would fold if it failed to attract new investors, chairman and company founder Rob Kuijpers, who was visibly affected, replied simply: “I don’t know.”
Cargo B Airlines recently acquired two new Boeing B747-400. It employs about 50 people in total, including pilots. The new aircraft are currently in Amsterdam for maintenance, according to operations director Dirk Vrebos. Today’s scheduled flights have been cancelled, but the planes would be in the sky again over the weekend, according to Vrebos.
In terms of outstanding debts, the company has paid the invoices of Aviapartner up to and including Monday. However, the latest fuel invoice had been settled by major Japanese shareholder the NYK Group.
Cargo B Airlines was established in 2007 on the back of a viable business plan. However, the natural growth of the company was impeded by such factors as late acquisition of aircraft, delay in obtaining an air cargo licence, and the subsequent collapse of the global air cargo sector due to the economic downturn.
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