Air cargo carrier Jade Cargo goes into liquidation

• Jade Cargo, China’s first air freight venture which is partly owned by Lufthansa Cargo, is going to be liquidated.

According to a Lufthansa spokesperson, the business was faced with financial problems which could not be resolved, even though negotiations and proposals to reconstruct had taken place.

“Due to the ongoing weak demand for air cargo services to and from China, the restructuring of Jade Cargo could not be successfully concluded.”

The Chinese air cargo carrier had to shut down its 744-ERF freighter fleet early this year after suspending its operations in December 2011.

“In view of the latest developments, the Board of Directors has decided to voluntarily dissolve the company subject to all required government approvals for this process”, said a spokesperson.

No official statements where made by Jade Cargo, however, it is known that other partners in the joint venture are Shenzhen Airlines and the German finance development institute DEG.

Source: ACW, europe.chinadaily.com.cn