AIRSHIP FIRM CARGOLIFTER FILES FOR BANKRUPTCY

AIRSHIP FIRM CARGOLIFTER FILES FOR BANKRUPTCY    CargoLifter AG, the German company that aims to develop large airships to carry heavy cargo, has filed for bankruptcy after running into cash problems.
   “For reasons of insolvency the CargoLifter AG board of managing directors… filed an application for the opening of insolvency proceedings on the assets of CargoLifter AG at the Cottbus District Court,” the company said in a statement.
   Founded in 1996, CargoLifter was set up to develop, construct, operate and market large airships for the worldwide transportation of large and heavy goods. Based in Berlin, the company has been working on the development of inflammable helium-filled 260-meter-long airships.
   “The scope of the new insolvency legislation is to be used to order and streamline the group structure together with a reputable and experienced insolvency administrator,” CargoLifter said.
   The company has closed its U.S. office and is planning to relocate its Berlin office to a hangar site in Brand, in the German state of Brandenburg.
   CargoLifter has about 500 employees and 72,000 shareholders. Most of the share capital of the company is owned by private individuals.