Aeroflot Cargo has been declared officially bankrupt in a ruling by the arbitration court in Moscow.

This comes after the shareholders of Aeroflot Cargo approved the decision to file for bankruptcy in June 2009 in the wake of losses to the tune of US$140 million. The carrier's operating licence was suspended in November, reports London's International Freighting Weekly.

Aeroflot Cargo operations are now under the control of parent company Aeroflot Russian Airlines, with the company's three MD-11F freighters and its staff joining a new cargo department headed by former Aeroflot Cargo CEO Olef Korolev.

Source: schednet