Airship manufacturer CargoLifter 's largest business unit, CargoLifter Development filed for insolvency last week. Around 283 of CargoLifter 's 495 employees work for CargoLifter Development at Briesen-Brand near Berlin. A group of CargoLifter shareholders and politicians have started to collect funds under escrow against a possible convertible bond issue designed to save CargoLifter. The group is still discussing a rescue bid with investors, banks and the Brandenburg state government, but time is running out - the company says it needs a payment of €20 million ($18.7 million) "very soon" to survive. Development of the CL160 airship was suspended last month to focus on the simpler CL75 lifting balloon.
Source: Flight International