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Cargo airline Ocean throws in the towel
BRESCIA, Italy, May 5 (WorldACD) - Italian cargo airline Ocean Airlines has filed to enter receivership after failing to secure a deal with a potential new investor.
The B747-200F operator, based in Brescia, has been grounded since January following the suspension of its operating license by the Italian civil aviation authority, ENAC.
Over the past few months, it had been in negotiations to obtain a ?35 million cash injection, in return for equity, from an unidentified investment trust.
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