Luxembourg-based freight operator Cargolux is aiming to secure substantial funding from its shareholders, as part of a new five-year business plan.
It says it will ask shareholders to "commit additional liquidity" to the carrier, and will seek an initial tranche of $100 million - as a convertible loan - for the first quarter of this year.
The funding forms part of a business plan covering 2013-17 and follows the sudden departure of Qatar Airways which, for a few months, had been a 35% stakeholder in the company.
Interim chief executive Richard Forson says the plan lays out a "clear vision" for the future of the airline and ensure that it "remains a relevant player in the long run".
Cargolux says the plan has emerged from an "extensive evaluation" of its business model, fleet and route structure, and an analysis of various freight market scenarios.
The carrier insists it will retain its single-type core fleet, by migrating to the Boeing 747-8F, although it will retain some 747-400Fs to "add flexibility".
Chairman Paul Helminger says a move to other types - such as the 777F - would "merely add to the cost of our operations".
He says the capital injection will mean the carrier will be "sufficiently funded" to enable it to start implementing its revised strategy, and is forecasting a full-year profit in 2014.
"Given the inherently cyclical nature of the sector, the challenge ahead will be to more efficiently manage the volatility in the gap between supply and demand," he says.
"Our objective is to regain lost ground and move a few ranks above our current number 11 market position."
This will require tight control over costs, Helminger says: "We have engaged our major suppliers as well to be more competitive in their pricing."
But he adds that the airline's employees must also contribute to making the airline competitive, and the measures in the business plan include amendments to collective work agreements.
Helminger states that there is "no favourite investor" to succeed Qatar Airways but says several "potentially interested" parties have come forward. He says the board's adoption of the business plan removes a "veil of uncertainty" over the carrier, and will strengthen the Luxembourg government's position in talks with investors.