Leisure Cargo files for insolvency following loss of major customer
12 / 06 / 2019
Germany-based GSA Leisure Cargo has filed for bankruptcy following the loss of a major contract.
The company at one time counted 14 leisure airlines amongst its customer base, but last year lost a major contract with TUI to the ESC Group.
Tillmann Peeters of restructuring firm Falkensteg Restrukturierung said that the company has applied to the relevant insolvency court in Dusseldorf.
Biner Bähr of White & Case Insolvenz has been appointed as trustee.
Other airlines listed as customers by Leisure Cargo include: Air Transat, Condor, Thomas Cook, Blue Air, Nordica, WDL Aviation.
Condor is part of the Thomas Cook group while WDL Aviation is owned by the same company as Leisure Cargo.
A spokesperson for Thomas Cook/Condor said: “We are aware of the bankruptcy and we are evaluating our options to continue a cargo service in the near future.”
The situation will in all likelihood leave the airline with two options: wait for a resolution from the Dusseldorf insolvency court that allows Leisure Cargo to restart operations; or enter into an agreement with another GSA.
In the meantime, it is unlikely that the airlines will be carrying any cargo as there is no GSA selling on their behalf.
Leisure Cargo was taken over by the Zeitfracht group in October 2017 when the previous owner, Air Berlin, filed for bankruptcy.