Jade Cargo suspends operations

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Jade Cargo International announced it has “temporarily suspended” all operations due to “overall weak demand.”In a Dec. 31 statement on its website, Jade said the suspension “will also provide the shareholders with an opportunity to coordinate with stakeholders to continue with the restructuring of the company’s financial structure.”
) q) Y; f$ H" lAccording to several German media outlets, the airline will ground its fleet of six Boeing 747-400ER freighters and does not have enough money to buy fuel.
Jade, which was founded in October 2004 as a joint venture between Shenzhen Airlines (ZH) (51%), Lufthansa Cargo AG (25%) and the German development finance institute DEG (24%), has faced continuous financial difficulties. According to reports, Air China—which took over ZH—is considering selling its 51% share.
( n# Z, `: e3 Q$ L( hLH Cargo chairman and CEO Karl Ulrich Garnadt in November that Jade "would not survive" a massive market downturn in its current fiscal state and was considering selling its holding .

OhanaUnited

Wow, that's a big problem. Wonder what will happen to other cargo airlines like Martinair, Polar Air Cargo, Kalitta Air, and Cargolux.

qhs6280

至少5架JI停在PVG没钱加油回SZX

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