In May 2002, the CL 160 development was halted due to financial problems and the status of the programme is uncertain. In June 2002, the company made an application for insolvency. In August 2002, work on Cargolifter's other major programme, the CL 75 lifting balloon was also halted.

Heavy loads, for example large turbine casings, can be carried directly from the factory to their intended operations location, without the airship touching the ground and almost independently of local infrastructure. Described as a "flying crane", the CL 160 will be able to carry payloads weighing up to 160 metric tons, with a volume of up to 3,200 cubic metres, to a range of up to 10,000 km, without the need for airfields or extensive road systems. The CL 160 could also be used in transporting humanitarian and emergency aid – one CL 160 could transport food for 25,750 people for 14 days in a relief programme.