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Jade Cargo International signs LoI with UnitTop Group as part of restructuring efforts

1-Mar-2012 9:27 AM

Jade Cargo International announced (29-Feb-2012) a LoI covering the restructuring has been signed between the company's shareholders – Lufthansa Cargo (25%), Shenzhen Airlines (51%) and DEG (24%), and the UniTop Group. The UniTop Group, based in Shenzhen, is a logistics and transportation company which is looking to strengthen its position in the international air cargo market. "With this step, the restructuring of Jade Cargo has taken a positive step forward, benefiting all stakeholders," Jade Cargo said, adding further information would be provided in the short term. As previously reported, Jade Cargo grounded its fleet of six Boeing 747-400ERFs on 31-Dec-2012 amid weak cargo demand out of the Asia Pacific. [more - original PR]