Former F1 boss Stoddart's firm in talks to buy insolvent European Cargo
European Aviation, run by former Formula 1 team boss Paul Stoddart, is reportedly negotiating to acquire insolvent freight carrier European Cargo, which grounded its fleet in May.
British cargo airline European Cargo, which operates Airbus A340-600 freighters, filed for insolvency in early June after halting flight operations the previous month. Almost 200 employees lost their jobs as a result.
Sky News reports that European Aviation, the company led by former Formula One team principal Paul Stoddart, is in talks to take over the carrier out of insolvency. A deal could reportedly be announced soon.
The proposed transaction is said to cover around 16 aircraft, of which seven are described as airworthy. European Cargo's six converted A340-600 freighters had been parked following the shutdown.
Stoddart was involved in building up European Cargo during the Covid-19 pandemic. The airline posted a net loss of 26 million dollars, roughly 22 million euros, for 2024.
No financial terms of the potential acquisition have been disclosed. It remains unclear when, or whether, the takeover will be finalised.
Sources
- aerotelegraph.comAirbus-A340-Airline: Hebt insolvente European Cargo wieder ab?