SHENZHEN, June 12 (GCTL) - Jade Cargo International Co Ltd, China's first air cargo joint venture, said it will shut down businesses after financial restructuring negotiations failed.
The news came after the troubled Chinese carrier, co-established by Shenzhen Airlines, Lufthansa Cargo AG, and German development finance institute DEG, grounded its freighters in January because of weak demand.
The Shenzhen-based company did not make official statements on the disclosure but insiders said the likelihood of flight resumption loomed after the German carrier planned to sell its 25 percent stake in Jade Cargo. Shenzhen Airlines holds 51 percent.
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