Air Cargo Germany files for insolvency

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Troubled freight operator Air Cargo Germany has filed for insolvency, in a bid to aid a restructuring of the company.

Air Cargo Germany has been grounded since 18 April, after its operating licence was withdrawn by Germany's civil aviation regulator LBA.

The carrier, which is based at Frankfurt Hahn and has a fleet of Boeing 747-400SFs, says its shareholders and management team "unanimously" opted to declare insolvency.

"Through the insolvency proceeding both management and shareholders envision to create an opportunity to restructure the company and restore operational activities," says chief executive Michael Schaecher.

"All options will be taken into account to restore customer confidence."