The story
J. Frank Fine founded the predecessor of Fine Air in 1976 as a leasing company which owned two Boeing 707 aircraft. Fine owned farming operations in twelve countries in Latin America and the Caribbean, and sought a reliable support system for third-party operators to ship his products to the United States. His company was certified as a Douglas DC-8 repair station in 1986 and received an air carrier operating certificate in November 1992; it began scheduled cargo service in 1994 as the largest international air cargo carrier at Miami International Airport (as measured by tons carried).
J. Frank Fine's son Barry Fine became president in 1997, by which point the airline had a fleet of fifteen Douglas DC-8 aircraft. The airline was wholly owned by the two men for most of its existence.
Fine Air raised $123.5 million in an initial public offering on August 6, 1997, and planned to use the funds to purchase new aircraft and expand its cargo route network to Europe. It was listed on NASDAQ with the ticker code "BIGF."
On August 7, 1997, the day after the IPO, Fine Air Flight 101, crashed shortly after takeoff from Miami International Airport. Fine Air cancelled its IPO the day after the crash, and returned the full amount of the capital raised to investors. It voluntarily grounded its fleet on September 5 as an alternative to having its license revoked by the FAA, but received government approval to resume operations in October 1997.
Arrow Air acquisition and bankruptcy
Fine attempted to acquire Southern Air Transport in July 1998 but abandoned the deal in August. In February 1999, Fine Air announced that it would acquire Arrow Air for $115 million in cash.
By 2000, Fine Air had around $200 million in annual revenue, more than 125 scheduled flights each week and a staff of more than 900 employees, handling 240,000 tons of cargo through its Miami hub in 1999.
Fine Air filed for Chapter 11 reorganization in September 2000 after a failed attempt to restructure $137 million in bond debt that had arisen due to the Arrow Air acquisition, citing fuel price increases and other financial issues beyond its control. A private investment group purchased Fine Air in 2002 and renamed it Arrow Air, removing the Fine family from control of the company. J. Frank Fine died in April 2003.
From Wikipedia’s article on Fine Air, shared under CC BY-SA 4.0.3
