The Lufthansa Cargo-Shenzhen Airlines joint venture, Jade Cargo International, faces liquidation. Jade had a deal with China’s UniTop, which was in the process of restructuring but has recently given that up because of what has been pointed out as “unpredictable” restructuring costs related to the disparity of the fleet of the two carriers.
Jade Cargo operated six B747-400 freighters while UniTop flew three 747 freighters making the restructuring costs unpredictable. Jade, which was launched in 2004, suspended operations at the end of last year. It has a debt of more than $628 million.