European Cargo: grounded by financial pressure and an unforgiving market
European Cargo’s collapse appears to have been driven by a combination of rising operating costs, ...
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By Alex Lennane
It’s been a messy month or so for now-defunct US carrier Evergreen International. On new year’s eve it filed for Chapter 7 bankruptcy, revealing that it has some 5,000 creditors who are owed about $500m – seven Evergreen entities have been named in the filing. While optimistic founder Delford Smith was still insisting that the company could survive, former employees were looking at a class action lawsuit.
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