Freighters to be auctioned off

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Former freighter carrier Jade Cargo International will auction off three Boeing 747-400 Freighters on 26 October, according to reports in China.

The World Civil Aviation Resource Net says this follows an announcement by the Shenzhen Jiajintai Auction on 9 September.

Jade Cargo will reportedly start the bidding at 1.32 billion yuan ($207 million) for the three 747-400Fs.

The carrier was set up in October 2004 as a joint venture between Shenzhen Airlines (51 per cent), Lufthansa (25 per cent) and German development finance institute DEG (24 per cent). It was based at Shenzhen Bao’an International Airport.

But on 4 June 2012, the closure of Jade Cargo was announced due to financial difficulties and liquidation proceedings began on 4 June 2012.

Jade Cargo operated its last flight on 25 December 2011 and its fleet was grounded on 31 December 2011.

The carrier did sign a letter of intent with UniTop on its restructuring in February 2012, but UniTop withdrew in May 2012.