ACG Air Cargo Germany (Frankfurt Hahn) and its shareholders have unanimously moved to declare insolvency following the temporary suspension of its Operating Licence. According to the cargo carrier, insolvency proceedings will provide both management and shareholders with breathing space in which "to create an opportunity to restructure the company and restore operational activities." Using a fleet of four B747-400Fs, ACG had specialized in global airfreight operations until the Luftfahrtbundesamt (LBA), Germany's civil aviation authority, revoked it's operating licence in early April citing European Community Directive 1008/2008. According to the LBA, ACG's security oversights had been rendered inadequate owing to the company's precarious financial state.