Fifteen A340-600s and -500s part of package offered to interested parties.
Administrators and provisional liquidators have formally launched a joint sales process for UK freight carrier European Cargo and the aircraft fleet of Priority 1 Group.
The team — from Teneo Financial Advisory and Teneo Restructuring Ireland — are exploring a “potential going-concern sale” of Bournemouth-based European Cargo and the aircraft held by Priority 1 entities.
These include six Airbus A340-600s which have been converted to a freight configuration, and are in flight-ready storage.
Another nine A340s — comprising six -600s and three -500s — are in long-term storage, along with an additional -600 designated for spares.
“[European Cargo] offers the opportunity to acquire a long-haul cargo platform with a UK [air operator’s certificate] and supporting regulatory functions,” the team says.
It adds that a “substantial engine inventory” is available, along with Part-145 maintenance approval.
European Cargo’s platform and capabilities, combined with Priority 1’s fleet, offers prospective buyers a chance to pursue “a range of new strategic opportunities”, it says — among them launching a new freight airline, rebuilding European Cargo, or taking advantage of maintenance activities.
The provisional liquidators of Priority 1 and the administrators of European Cargo state that they invite parties to “come forward to express their interest”.
European Cargo was placed in administration on 3 June while provisional liquidators were appointed to Priority 1 on 24 June.
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