Bad breakup: GlobalX Airlines revokes lawsuit vs. Ascent Global Logistics

GlobalX Airlines has dropped a lawsuit and ended their exclusive brokerage agreement with Ascent Global Logistics, its former largest shareholder. The disagreement arose when Ascent allegedly failed to steer air cargo business to GlobalX and instead assigned work to its subsidiary, USA Jet Airlines. GlobalX had sued Ascent for $30 million in damages, but last week, both companies announced the termination of their 2023 agreement and agreed to payment terms for amounts owed.

Ascent, based in Michigan, had only referred a few flights over a three-year period, and GlobalX's cargo business has been struggling. The company parked two of its four Airbus A321 narrowbody freighters last March due to slow business. Now, GlobalX operates three of the A321 freighters, but its cargo operations remain a challenge, contributing to a 50% drop in cargo revenue year-over-year.