Cargolux (CV, Luxembourg) has announced details of a new business plan aimed at turning around the loss making cargo carrier's financial position. Its existing shareholders, with the exception of the government of Luxembourg which currently holds a 35% stake, are expected to provide $275 million USD in new capital through the issuance of convertible bonds in two installments, $100 million USD this and $175 million USD next year. The investment will be used to increase Cargolux' fleet from 15 to 18 aircraft, preferably through the acquisition of additional B747-8(F)s. As part of the business plan, Cargolux also hopes to cut yearly payroll costs by $10 million USD for the next five years and has started talks with its staff regarding a new labor agreement. Luxair (LG, Luxembourg) is Cargolux' largest investor and currently holds 43.4% in Cargolux with the other two shareholders besides the government being Luxembourg based banks BCEE and SNCI.