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Formed in 2005 and started operations in 2006. International, scheduled & charter, cargo jet airplane services.
18000 International Boulevard, Suite 900
SeaTac, Washington WA 98188-4204, USA
USA (United States of America) was established in 1776, it covers an area of 9,363,123 sq km, its population is 280 million, its capital city is Washington DC, and its official language is English.
April 2006: Cargo 360 (C36) is a start-up, all-cargo operator, who intends to operate international, scheduled and charter services. Operations are tentatively scheduled to begin in 2006. Initially, plans to operate 2 747-200F's and 1 747-300SF. Plans to transition to 747-400F's in 2008.
Cargo 360 (C36) was established by USA entrepreneurs with the intention to wet-lease 747F's. Operations were scheduled to start at the end of June 2005, but this was delayed due to USA Department of Transportation (DOT) investigations into the ownership of a major investor.
Parent organization/shareholders: David Greenberg (64.9%); Corundum International Finance (24.9%); & USA investors (10.2%).
Main Base: Incheon airport, Korea.
Maintenance: Korean Air (KAL), Busan & Incheon (FAA) approved maintenance repair & overhaul (MRO) facilities.
December 2007: Oak Hill Capital Partners, a leading private equity firm, acquired Southern Air Inc (SOF) in late October. Southern Air (SOF) has been combined with Cargo 360 (C36), Inc, an existing Oak Hill Capital portfolio company. The combined business operates under the Southern Air (SOF) Holdings, Inc name.
Southern Air (SOF) is accepting Flight Crew (FC) resumes and is hiring 747 pilots (FC). The carrier hired 20 pilots (FC) for a November class, and will conduct another class of 16 pilots (FC) and 8 Flight Engineers (FE)s in January. Southern Air (SOF) will begin to incorporate Cargo 360 pilots (FC) into its operation sometime in December. Cargo 360's 747 airplanes should also come online over the December/January time frame. Hiring will continue in the Spring.
January 2008: 747-2B5F (24196, N299JD) AND 747-3B5F (24194, N301JD), transferred to Southern Air (SOF).
September 2012: Southern Air Holdings, parent of Southern Air (SOF), filed Chapter 11, citing the impact of major spending cuts by the USA Department of Defense and an uncertain economy.
(SOF) said it will continue normal operations and aims to implement a reorganization plan “as quickly as possible.” It reached an agreement with lenders to restructure its balance sheet and reduce an approximate $285 million in legacy debt by two-thirds. It also has a $25 million debtor-in-possession commitment from its lender group to provide it with liquidity during the restructuring process.
“The actions we are taking will dramatically change and improve our capital structure, eliminating the substantial cost burden of legacy debt and other costs from our acquisition in 2007,” (SOF) (CEO) Daniel McHugh said. “It follows our operational transition over the past 18 months from a high-maintenance and labor-intensive fleet, to a modern, fuel-efficient fleet of 777s and 747-400s and operating in more reliable, lower cost route structures in key global trade lanes.”
The company was acquired in September 2007 by Oak Hill Capital Partners and merged with existing Oak Hill Capital portfolio company, Cargo 360 (C36).
“These initiatives support our long-term business strategy and response to the extreme industry changes over the past few months, including major cutbacks in spending by the USA Department of Defense,” McHugh said. “The worst global economy in a generation has also impacted the international freight market, with 2012 shaping up to be the fifth consecutive year of no net growth in air cargo demand.”
The filing will have no impact on Southern’s German subsidiary nor any of its operations outside of the USA.