This one is the mission at which I stopped trying to play on insane, 'cause I got instatoasted.
I succedded on hard, though. Here is how :
1. Take a Valkyrie w/ Phoenix. The rest of the team is Hercules.
2. Immediately beeline to the first cruiser. Scan it. You should still be friendly
3. Scan the Shivan disabled whatever it is. You can also shoot it for fun meanwhile. The enemies should turn hostile while you're scanning. Once it's scanned, afterburner out, because there are Leviathan blobs going your direction, not mentionning the Transport (the blobs hit harder, I noticed).
4. Tell your team to ignore the Transport, then both cruisers, then the freighters, so they don't lose their time.
5. Zigzag to the cargo immediately after that. Your wingmates should dispatch the Lokis. If you're lucky, you'll survive. If you're very lucky, you ll even be able to send a couple phoenix on a freighter. If you're not lucky, you will be either dead or too bad to hope to finish the mission.
6. Tell your wingmen to destroy the freighter you re not attacking (the closest to them - they re flying Hercules and you've got a walkyrie, remember ?) Destroy the second freighter, using Phoenix as dumbfire. Scan ASAP. Destroy last freighter with Phoenix and Primary again while your team get rid of the second wing of Loki.
7. Enemy renforcement should pop up about that moment. Beeline to the second cruiser, be behind and slightly below, as close as possible. Pray a lot.
8. Jump out immediately.
I had to try this about 10 times before it succeeds. Part 5 requires some luck, part 6 some luck and skill, part 7 A WHOLE lot of luck : the cruiser don't hit you too hard and no renforcement decide to send you an homing friend.
Remeber that, I believe, Loki will not engage you as long as you don't get close to the cruisers. Except the renforcement, of course.
On a side note, 6 could be slightly easier if Beta wing was something faster than an Hercules, so you send Alpha 2 and Alpha 3 on the closest Freighter, and Beta on the second closest.