Jade Cargo International reorganizes, will fly again

Jade Cargo International (Shenzhen) has been reorganized with local Chinese interests. The cargo airline issued the following statement:

“Jade Cargo International is very pleased to announce that a Letter of Intent covering the restructuring has been signed between our shareholders and the UniTop Group.

The UniTop Group, based in Shenzhen, is a fast growing and dynamic logistics and transportation company who is looking to strengthen their position in the international air cargo market. With this step, the restructuring of Jade Cargo has taken a positive step forward, benefiting all stakeholders.”

The airline, which suspended operations on December 31, 2011 due to financial issues, is currently owned by Shenzhen Airlines (51%), Lufthansa Cargo (25%) and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, a subsidiary of German state-owned bank KfW (24%). It is unclear how the other owners’ percentages will change in the restructuring.

Copyright Photo: Gabor Hajdufi.

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