Jets, not bows, power this Arrow. Arrow Air, which does business as Arrow Cargo, flies freight between the US and points south. Operating a fleet of DC-8s and DC-10s from its hub in Miami, the company serves more than 20 cities in Central and South America and the Caribbean. Arrow Cargo's facilities include a 67,000 sq. ft. refrigerated warehouse and more than 155,000 sq. ft of dry cargo space. The company's customers, which consist primarily of freight forwarders, passenger and cargo airlines, and other transportation providers, also include the United States Postal Service and the US Department of Defense. Arrow filed for Chapter 11 bankruptcy protection in mid-2010.
The original Arrow Air was acquired in 1999 by Fine Air, which sought bankruptcy protection the next year. The cargo carrier emerged from Chapter 11 in 2002 as Arrow Cargo with a new controlling shareholder and new management.
Two years after it exited bankruptcy, the company found itself back in financial difficulty, and once again it sought Chapter 11 protection. This time the restructuring went more quickly, and Arrow Cargo completed its reorganization in 2004 under new ownership and management. In mid-2008, the company was acquired by private equity firm MatlinPatterson, which also owns Global Aviation Holdings.
With the infusion of cash from MatlinPatterson, Arrow Cargo is replacing the DC8s in its fleet with Boeing 757s and adding two more DC10s. Arrow Cargo also ordered an Airbus A330 wide-body freighter, which will be delivered in 2010. The new planes will help Arrow add flights and increase freight volume.