Cargolux rejects delivery of first 747-8 Freighter

Cargolux, the Luxembourg-based freight operator, released that its Board of Directors decided to reject the first two Boeing 747-8 Freighters that were scheduled for delivery to Cargolux on 19 and 21 September 2011, due to unresolved contractual issues between Boeing and Cargolux in respect of the aircraft. The financing of the aircraft that is secured through JP Morgan as an Ex-Im Bank guaranteed lender had to be put on hold pending resolution of the contractual issues between Boeing and Cargolux in respect of the aircraft. In the event that the issues cannot be resolved in a timely manner, Cargolux will source alternative capacity to fully meet customer demand and expectations ahead of the traditional high season.