Another plane company enters bankruptcy, will liquidate
Key takeaways
- The airline, established out of Shannon in 2024, had a fleet of 15 Airbus A340 planes, 82 Trent 500 engines, and 9,000 Airbus A340 spare parts that it leased to various airlines based on their needs.
- Related: 15-year-old travel company ends in bankruptcy, cancels all trips
- The company was headed by chief executive Dermot Manifold and backed by British aviation investor Doug Brennan and asset manager BlackRock.
Another plane company enters bankruptcy, will liquidate Veronika Bondarenko Sat, June 27, 2026 at 10:31 PM GMT+7 3 min read Multiple airlines and adjacent companies in the aviation company have filed for bankruptcy in the months following the U.S.-Israeli strike on Iran and subsequent spike in jet fuel prices.
At the start of June, cargo carrier European Cargo Limited entered administration, resulting in the loss of 178 jobs and what will likely be the liquidation of multiple A340-60 planes in its fleet, according to FlightGlobal.
With a model that converted old Virgin Atlantic liners into freighter planes, the airline was established out of Bournemouth in 2020 after the British government issued an urgent request for a carrier that could be used to transport personal protective equipment from Malaysia during the height of the Covid pandemic.