Jade Cargo Freighters to be Auctioned Next Month

Former freighter airline Jade Cargo International will auction three Boeing 747-400 freighters at a starting price of 1.32 billion yuan (US$207.2m) on Oct. 26, World Civil Aviation Resource Net (WCARN) reported, following an announcement by Shenzhen Jiajintai Auction Co., Ltd. on Sep. 9.

Jade Cargo 747-400 freighters will be auctioned next month
Jade Cargo 747-400 freighters will be auctioned next month

Jade Cargo will start the bidding at 1.32 billion yuan for the three 747-400Fs (including 11 engines) - Registration B-2421 (including 3 GE CF680C2B5F engines), B-2422 (including 4 GE CF680C2B5F engines) and B2423 (including 4 GE CF680C2B5F engines), the report said.

Failed experiment
Jade Cargo was established in October 2004 as a joint venture between Shenzhen Airlines (51%), Lufthansa (25%) and German development finance institute DEG (24%), with its base at Shenzhen Bao'an International Airport (SZX). It officially announced the closure of the company and the start of liquidation proceedings on June 4, 2012.

The report noted that since the start of its operations, Jade Cargo had faced continuous financial difficulties. It flew its last scheduled flight on Dec. 25, 2011 and grounded its fleet on Dec. 31, 2011. The cargo carrier signed a Letter of Intent (LOI) with UniTop on its restructuring in Feb. 2012. However, UniTop withdrew its LOI for the restructuring plans late in May 2012.

Nol van Fenema

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