Cargo airline rescued
4 July 2008by Nick Evans
MANSTON-based air cargo carrier MK Airlines was back in the air this week following its administrators' success in securing funding with Transatlantic Aviation Ltd (TAA).
The agreement, struck late last week, allowed MK Airlines to immediately restart trading and flying operations. MK Airlines has since been operating a near-full capacity flight programme.
The rescue came only 10 days after MK Airlines' directors called in administrators. The company suspended flights but maintained its Air Operators Certificate (AOC) with a view to rescuing the company.
MK Airlines had earlier been in discussion with several interested parties about potential investments in the business to refinance and reposition the airline with more efficient aircraft.
A management team from Transatlantic Aviation is now working alongside the administrators and MK Airlines management.
Said airline boss Mike Kruger: "We are delighted to be airborne once again. Within the next few weeks and months we hope to return to a level of trading that existed prior to the appointment of our administrators. While we still have some way to go to complete a formal long-term agreement for MK Airlines, this initial funding arrangement with TAA delivers what we hope will lead to a viable and prosperous long-term business strategy."
TAA Ltd is part of the Belfairs Management Group and has a fleet of Boeing 767s and Boeing 747s.
Matt Clarke, Chief Executive of Kent International Airport, said: "We are delighted MK has secured the funding it needed to restart trading and that it is back operating a near full capacity flight programme.
"While the challenging aviation environment and high fuel prices that led to difficulties for MK - long with many other operators - emain, Transatlantic Aviation's interest is an extremely promising development for the airline's long-term future. "This is positive news for Kent International Airport."
Copyright 2008. Kent Messenger Limited.
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