The Wall Street Journal has reported that "Miami-based cargo carrier Arrow Air Inc. sought bankruptcy protection Wednesday, one day after canceling its flights and terminating hundreds of employees. The company is preparing to shut down its operations entirely unless it can find a purchaser to rescue it from bankruptcy. Arrow Air is no stranger to the Chapter 11 process, having emerged from bankruptcy under a reorganization plan in June 2004. The company, which provides cargo services among the U.S., South and Central America and the Caribbean, operated a fleet of seven aircraft up until a few days ago and counted the U.S. Postal Service and U.S. Department of Defense among its 3,500 customers." Read the full story here.