CARGOLIFTER, the German company that plans to build airships for lifting and transporting heavy loads around the globe, has encountered financial turbulence.
Its prime subsidiary Cargolifter Development GmbH has been dissolved, having been unable to pay its bills or its employees. The subsidiary had been responsible for the launch of the CL 160 helium-filled airship. Plans for this model have now been abandoned, but Cargolifter still hopes to raise E70m ($65m) by August 2003 to produce the smaller CL 75 transport balloons.
‘Since Cargolifter Development GmbH is mainly concerned with the development and production of the transport CL 160 airship, the insolvency now paves the way for a fundamental restructuring of the Cargolifter group,’ the company said.
But there was a boost for the parent company a few days later when on 1 June it was announced that Boeing, the world’s largest aerospace and defence group, had signed a letter of intent with Cargolifter to examine potential business opportunities.
Cargolifter floated in 2000 and has built a massive hangar in Germany where it plans to produce the airships. The prototype, originally expected next year, will now not be built until 2005 at the earliest.
