English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

National Air Cargo Inc. files for protection

PRESS RELEASE

October 20, 2014: National Air Cargo, Inc., a freight forwarder specializing in difficult-to-move cargo, announced today that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Western District of New York.

National Air Cargo, Inc. (NAC Inc.) is a subsidiary company of National Air Cargo Holdings, Inc., a Florida corporation with more than 20 different subsidiary companies. National Air Cargo Holdings, Inc., National Airlines and National Air Cargo Holdings, Inc.'s other global subsidiary companies are not parties to and have nothing to do with the bankruptcy filed by NAC Inc., a New York corporation.

NAC Inc. and its predecessor have been in business for more than 23 years. Despite downturns in the economy NAC Inc. has continued to run a stable business; however, in October 2013, a United States District Court entered a judgment against NAC Inc. The case was filed by start-up Global BTG in 2010, and alleged that NAC Inc. breached a Letter of Intent by failing to finance aircraft leases through Global. NAC Inc. continues to contend there was no enforceable agreement and there was no breach. NAC Inc. has an appeal pending at the United States Court of Appeals for the Ninth Circuit.

Filing bankruptcy allows NAC Inc. to continue business without the immediate threat of Global's judgment, and therefore permits NAC Inc. to continue serving its clients, making payments to all of its business partners, and employing its valued team members in the Orchard Park New York and Herndon Virginia areas.

Christopher Alf, CEO of NAC Inc., explained, "We have appealed the unjustified and unexpected verdict in the case brought by Global BTG in 2010, but unfortunately that appeal will not be decided for some time. We believe we will be victorious in the appeal. Seeking Chapter 11 relief will permit NAC Inc. to serve its customers while reorganizing NAC Inc.'s financial situation caused by this one off event. Our focus at this time is to continue to offer the same high level of service our customers expect and rely on."

Mark Burgess, Managing Director of NAC Inc., says his team in Orchard Park "is committed to continuing uninterrupted diligent hard work in routing challenging cargo to locations around the globe. My team gives 110% every day, that won't change. We'll move cargo – whether it's lifesaving medical equipment or mission critical aircraft parts – it's what we do best." Brian Conaway, Vice President of Finance for the parent company, added, "We remain committed to performing under all our contracts and growing our business."

National Air Cargo, Inc. is incorporated in the state of New York and operates out of Orchard Park New York. The parent company is incorporated in the state of Florida.

More News

Written on 28/03/2017, 19:24
ups-adds-more-destinations-to-china-europe-rail-serviceATLANTA: March 28, 2017. As ocean capacity gets tight between Asia and Europe, UPS has announced the addition of six destinations to its full and...
Written on 27/03/2017, 19:52
dsv-tests-abattoir-biofuelMALMO, Sweden: March 27, 2017. DSV Sweden is testing a Mercedes-Benz hybrid truck that runs on both electricity and a new HVO 100 biofuel - made from...
Written on 27/03/2017, 19:23
aar-wins-usaf-logistics-contractWOOD DALE, IL: March 27, 2017. – Global aftermarket supplier AAR has won a US$909.4 million contract to manage the repair, maintenance and logistics of...
Written on 24/03/2017, 21:15
hapag-lloyd-hit-by-low-freight-ratesHAMBURG: March 24, 2017. Hapag-Lloyd reported a net loss of €93.1 million in 2016 on revenue that fell 12.5 percent from the previous year to reach €7.73...
Written on 23/03/2017, 19:40
new-grow-box-technology-from-maerskTINGLEV, Denmark: March 23, 2017. Maersk Container Industry (MCI) has launched Star Cool CA+, an extension of its controlled atmosphere (CA) technology,...
Written on 23/03/2017, 17:04
emirates-responds-to-u-s-laptop-banDUBAI: March 23, 2017. Emirates Airline has responded swiftly to the U.S. ban on laptops and tablets via its passenger flights from Dubai with a free...
Written on 22/03/2017, 20:44
flying-eye-hospital-arrives-in-dohaDOHA: March 22, 2017. Qatar Airways has welcomed the arrival of the Orbis Flying Eye Hospital from the UK where the non-profit organization had earlier...
Written on 21/03/2017, 21:12
fedex-to-launch-round-the-world-from-liegeMEMPHIS, TN: March 21, 2017. Next month FedEx is to begin a B777 freighter flight from Liège, Belgium to Memphis as part of a round-the-world service...
Written on 16/03/2017, 20:20
k-n-acquires-two-pharma-logistics-companiesSCHINDELLEGI, Switzerland: March 16, 2017. Kuehne + Nagel is to acquire two specialist logistics companies in Turkey and Italy to expand its good...
Written on 15/03/2017, 17:52
panalpina-expands-circular-economy-centerDUBAI: March 15, 2017. Panalpina has officially opened its 40,000 square meter logistics manufacturing center in Dubai Logistics City, part of the bonded...
Written on 15/03/2017, 17:12
coyote-logistics-opens-in-guadalajara-mexicoCHICAGO: March 14, 2017. UPS 3PL subsidiary Coyote Logistics has opened a new office in metropolitan Guadalajara, Mexico to develop transborder truckload,...
Written on 15/03/2017, 15:20
auto-traffic-switches-from-road-to-railKIRCHHEIM/TECK, Germany: March 15, 2017. After a five-year hiatus, automobile logistics specialist Mosolf Group is re-introducing a weekly rail link...
Written on 14/03/2017, 19:47
unisys-offers-pay-for-use-air-cargo-managementLONDON: March 14, 2017. Unisys has launched 'Digistics' - described by the company as an "integrated cargo logistics solution" for carriers to streamline...
Written on 14/03/2017, 17:03
mercator-introduces-ice-in-abu-dhabiABU DHABI: March 14, 2017. IT solutions provider Mercator, majority-owned by Warburg Pincus Investments, has launched what it says is the air cargo...
Written on 14/03/2017, 15:59
unilode-wins-saudi-arabian-airlines-contractABU DHABI: March 14, 2017. Unilode, the ULD management company formerly known as CHEP, has won a major outsource contract from Saudia and Saudia Cargo to...
Written on 13/03/2017, 15:37
2016-revenue-increase-for-turkish-cargoISTANBUL: March 13, 2017. Turkish Airlines has reported a six percent rise in air cargo revenue in 2016 to US$996 million. Some US$600 million was...
Written on 10/03/2017, 21:49
nec-to-develop-visibility-platform-for-pandemic-responseTOKYO: March 09, 2017. The U.N. World Food Programme (WFP) and NEC Corporation are to develop the first supply chain visibility platform for pandemic...
Written on 10/03/2017, 20:21
airbus-helps-south-sudan-refugeesTOULOUSE: March 09, 2017. The Airbus Foundation has used an A330 test aircraft to carry 17 tonnes of aid equipment from the UK to Uganda for refugees...
Written on 09/03/2017, 22:32
the-alliance-sets-up-post-hanjin-insurance-planHAMBURG: March 09, 2017. On April 01 'THE Alliance' of Hapag- Lloyd, 'K'Line, MOL, NYK and Yang Ming, will launch 32 liner services to 75 major ports on...
Written on 09/03/2017, 16:35
another-quarter-decline-in-airline-profitsGENEVA: March 09, 2017: IATA says a drop in profits for its member airlines that began in Q3 2016 continued into the last quarter, despite margins...

- powered by Quickchilli.com -