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Air Cargo Germany declares insolvency

By Hpanchal on May 3, 2013

Air Cargo Germany GmbH is declaring insolvency.

The company posted this announcement attributed to Michael Schaecher, CEO, on its website today:

"After the temporary suspension of the Operating Licence for Air Cargo Germany, the management and shareholders of ACG unanimously decided to declare insolvency. Through the insolvency proceeding both management and shareholders envision to create an opportunity to restructure the company and restore operational activities. All options will be taken into account to restore customer confidence.

Air Cargo Germany is based at Frankfurt-Hahn Airport. Specializing in global airfreight transports, ACG operates a fleet of four Boeing B747-400SF. The company temporarily interrupted its flight operations on April 18.

Comments

Submitted by Tom Martin on

Yet another start up freighter company that trashed the market with low rates and couldn't deliver. Hint, to anyone starting a freighter company, offereing rock bottom rates is not the answer to success. Offering lower rates to attract business is fine, but to severly undercut the going spot rates only makes it more difficult for the shippers in the long run. Darwinism exists in today's world, only the best managed companies survived. I told the MD of one carrier that lost business to ACG, advise the customer their contracts will be canceled and TACT rates will apply if they decide come back.

Submitted by Thiyagarajan on

ACG should start its service as early as possible.Merely offdering low rates in the market will not help.Must re work out and fly again.

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