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Cargolux adopts new business plan

February 11 - The board of directors of freighter operator Cargolux has formulated a new business plan for the period from 2013 to 2017.

Cargolux said the plan is designed to achieve profitable growth, enhance shareholder value and ensure the long-term sustainability of the airline.

Qatar Airways pulled out of its 35 percent holding in the Luxembourg based carrier in November last year, since which time the share has been taken on by the Luxembourg government.

The Cargolux board of directors has requested the airline shareholders to commit additional liquidity to the business, with a first tranche of USD100 million requested for the first quarter of 2013 in the form of a convertible loan.

Commenting, Richard Forson, Cargolux interim president and ceo, said: "The business plan optimises and builds on the proven Cargolux business model with the aim to retain the single fleet philosophy and leverage the improved efficiency of the Boeing 747-8 freighter."

The company currently operates a modern fleet of six B747-8 freighters and 11 B747-400 freighters covering a worldwide network of 90 destinations. It has seven B747-8Fs on order and still to be delivered by aircraft manufacturer Boeing, a commitment the airline is adamant it will honour.

www.cargolux.com

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