Air, Business, Freight News, Logistics

Cargolux in holding pattern

[ February 7, 2013   //   ]

Luxembourg all-cargo airline Cargolux is to ask its shareholders for an additional US$100 million in convertible loan funding in the first quarter of 2013, under a new business plan agreed by the Board of Directors today (7 February). Speculation over the future of the carrier has mounted after Qatar Airways relinquished its 35% holding last year, forcing the Luxembourg government to step in as a temporary shareholder.

However, board chairman Paul Helminger, said that while several potential long-term investors had stepped forward, “there is no favourite investor yet.” Nevertheless, he added, Cargolux had cleared an important Several potentially interested parties have indeed stepped forward. There is no favorite investor yet. What matters most is that we work in close cooperation with the government to evaluate the investor interest and maximize the added value they can bring to Cargolux and the Luxembourg logistics industry. The Cargolux Board of Directors has cleared an important hurdle with the adoption of the strategic business plan, “removing a veil of uncertainty that hung over the airline’s future. This will no doubt add clout to the government’s position when negotiating with potential investors.”