A rescue for Jade Cargo?

While details are still lacking, it appears that Jade Cargo International may soon be flying again. The Shenzhen-based all-cargo joint venture of Lufthansa Cargo and Air China (through subsidiary carrier Shenzhen Airlines) grounded its six-unit 747-400ERF fleet on the last day of 2011, and Lufthansa made it clear that without a new infusion of cash from the Chinese side, it would end its participation.

But late last night, we received the following note from Jade:

Jade Cargo International is very pleased to announce that a Letter of Intent covering the restructuring has been signed between our shareholders and the UniTop Group.

The UniTop Group, based in Shenzhen, is a fast growing and dynamic logistics and transportation company who is looking to strengthen their position in the international air cargo market. With this step, the restructuring of Jade Cargo has taken a positive step forward, benefiting all stakeholders. Further information will be provided in the short term.