MK Airlines resumes flights following new funding commitment

UK-based air cargo carrier MK Airlines has resumed flight operations after the company’s joint administrators secured an initial funding arrangement with Transatlantic Aviation Limited (TAA), part of The Belfairs Management Group of Companies.

The agreement, struck last Friday, allowed MK Airlines to restart trading and flying operations that evening.

MK Airlines has since been operating a near full capacity flight programme.

The development came only 10 days after the MK Airlines board of directors appointed James Bradney, Andrew Duncan and Michael Oldham of BKL Business Recovery, as joint administrators (IFW, 16 June).

MK Airlines temporarily suspended services but maintained its Air Operators Certificate (AOC) with a view to a rescue of the company.

The airline had earlier been in discussion with several interested parties about potential investments in the business to refinance and to reposition the airline with more efficient aircraft.

These talks were led by the airline’s founder and CEO, Mike Kruger, and following their appointment, the joint administrators.

A management team from Transatlantic Aviation Limited is now working alongside the Joint Administrators and MK Airlines management to assist normal trading of the business.

Kruger said: “We are delighted to be airborne once again. “Within the next weeks and months we hope to return to a level of trading that existed prior to the appointment of our administrators.

“While we still have some way to go to complete a formal long-term agreement for MK Airlines, this initial funding arrangement with TAA delivers what we hope will lead to a viable and prosperous long-term business strategy.”

For full story see IFW 30 June