Jade Cargo International said it may enter into a restructuring deal with Chinese company UniTop in an attempt to lift itself out of its financial troubles.
A joint venture between Shenzhen Airlines and Lufthansa Cargo, Jade Cargo said its owners have signed a letter of intent covering the pact with Shenzhen-based UniTop, which it said is “a fast-growing and dynamic logistics and transportation company 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 company said in an online statement.
Jade Cargo announced in early January the temporary suspension of its services “due to overall weak air cargo demand.” The temporary grounding of its fleet of six Boeing 747-400ERFs came amid a continuing weak global air freight demand, especially from the Asia-Pacific region.
The company, with headquarters in Shenzhen, flies to destinations that include China, India, South Korea, The Netherlands, Italy, Turkey, Germany, Luxembourg, Lithuania, and the UAE.
Photo: Jade Cargo
