Bye, bye Gemini

Gemini Air Cargo ceased all operations on Aug. 12 after failing to find a buyer to rescue it from bankruptcy, according to a message posted on its Web site and first reported by Traffic World.

The Dulles, Va.-based full-service aircraft leasing company filed for bankruptcy protection two months ago, unable to cope with soaring fuel prices and reduced demand for its services during a weak economy. Gemini grounded its fuel-guzzling DC-10 fleet, but continued to operate with four leased MD-11 planes as it sought additional investors to support operations.

Gemini recovered from bankruptcy two years ago when new private investors took majority control of the carrier.

The immediate shutdown impacted some customers with freight still in Gemini's system.

The company said it plans to permanently wind down all business activity by Aug. 29.