March 1 - Jade Cargo, which grounded its fleet in January, came closer to flying once more after its owners agreed to work with UnitTop Group, a Chinese transportation company, to restructure the troubled carrier.

A notice on the airline's website states that "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."

When it was grounded, the company said that the suspension of services will "provide the shareholders with an opportunity to coordinate with stakeholders to continue with the restructuring of the company's financial structure". (See HLPFI website - January 3, 2012)

The airline is a joint venture between Luthansa Cargo and Shenzhen Airlines, although the former said in December it was reviewing its investment in the venture and considering a reduction of operations in China.

The ownership of the Shenzhen-based carrier is Lufthansa Cargo (25 percent), Shenzhen Airlines (51 percent) andDEG (24 percent).

The UniTop Group, based in Shenzhen, is a fast growing logistics and transportation company which is looking to strengthen its position in the international air cargo market.

Jade says that with this step, the restructuring of the airline has taken a positive step forward, benefiting all stakeholders and that further information will be provided in the short term.