Reorganized:
DALLAS, July 24 /PRNewswire-FirstCall/ -- Kitty Hawk, Inc.
(OTC Pink Sheets: KTTEQ) announced today that the U.S. Bankruptcy Court in
Fort Worth, Texas approved its Plan of Reorganization. Kitty Hawk expects the
plan to become effective on August 31, 2002, at which time Kitty Hawk and its
subsidiaries will emerge from court supervision under Chapter 11 with a new
capital structure as a standalone entity. Kitty Hawk's core business,
providing scheduled overnight air freight services to approximately 47 U.S.
cities operating through its Fort Wayne, Indiana hub, supported by its FAA
Part 121 certificated cargo airline, will continue unchanged. Tilmon J.
Reeves, Chairman and Chief Executive Officer commented: "The economic
recession of the past year and a half has been a tremendous challenge to our
industry. The tragic events of September 11th presented numerous additional
challenges to our industry. Thanks to the loyalty of our customers and the
dedication and perseverance of our workforce, Kitty Hawk has been able to
weather these very difficult economic times. With the active support and
cooperation of our creditors, we are now able to emerge from
two years of court supervision as a stronger, more focused company that is
even better equipped to continue our past commitment of outstanding quality
service to our customers."
For more information on the company, visit Kitty Hawk's Web site at
kha.com .
This release contains forward-looking statements relating to future
business expectations. Business plans may change as circumstances warrant.
Actual results may differ materially as a result of factors over which the
company has no control. Such factors include, but are not limited to:
world-wide business and economic conditions; acquisitions, recruiting and new
business solicitation efforts; product demand and the rate of growth in the
air cargo industry; the impact of competitors and competitive aircraft and
aircraft financing availability; the ability to attract and retain new and
existing customers; jet fuel prices; normalized aircraft operating costs and
reliability and regulatory actions. |
