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Customers of AirCargoGermany are in panic mode following the immediate suspension of all flights.  According to sources close to the carrier, the German CAA suspended its licence after it failed to show sufficient funds to keep operating under German law.

The all-cargo carrier, which operates four 747-400Fs out of Frankfurt Hahn, is 49% owned by Volga Dnepr, the Russian freighter operator and owner of AirBridgeCargo, which is also reported to have had financial difficulties. One source said that the carrier should be able to show the German authorities sufficient funds by Tuesday or Wednesday next week, but The Loadstar was unable to contact the carrier for verification as it went to press.

ACG is said to be helping customers to re-route cargo on to other airlines, although there have been unverified claims that some airlines may have put up prices to the destinations that ACG serves.

In a letter to customers on ACG’s website, Michael Schaecher, the recently appointed CEO, wrote: “It is with regret that I have to inform you that we will have a temporary interruption of our services, effective today 18 April 2013. The suddenness of this interruption is beyond our control and was neither expected nor foreseen in any way.

“Our shareholders are supporting in any way possible and you can be assured that we work around the clock to find sustainable solutions to recommence our services to you. Despite the surprise of this measure, we remain very confident that the operations can be resumed in the next few days. Please accept our apologies for any inconvenience caused. We will keep you informed on a timely basis with updates and solutions in the coming days. ACG will continue to provide its excellent service once this unhappy situation is resolved.”