Insolvency proceedings are on hold for the time being as Cargolifter hunts for a last-minute bailout. aerospace giant Boeing to develop commercial blimps, but few analysts feel the company will step in to save Cargolifter. The company struck a deal earlier this month to work with U.S. Discover the right solution for your team The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. All efforts to secure an investment deal or a state-funded rescue package appear to have been in vain. CargoLifter's headquarters is located at Gierkezeile 12, Berlin. The company says it needs at least 70 million euro ($65 million) to cover its financial commitments through autumn 2003. This service was based on the development of a heavy lift airship, the CL160, a 550,000 m3 vessel designed to carry a 160tonne payload. The enormous CL 160 blimp evoked the glory days of Germany's zeppelins, which plied the skies from Berlin to Lake Constance during the early part of the 20th Century.Ī lack of working capital had already forced the Berlin-based company to abandon its prestigious project.Ĭargolifter's balloon of hope deflated even further on Tuesday. Cargolifter AG was a German company founded in 1996 to offer logistical services through pointto point transport of heavy and outsized loads. Once seen as a promising entrepreneurial newcomer in the turbulent economic landscape of the country's former East German states, the scrappy startup was developing giant airships to transport heavy payloads over vast distances. German airship-developer Cargolifter said on Tuesday it had run out of cash and would be unable to meet payroll for its close to 500 employees in May.
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