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.