Priority 1 enters administration after European Cargo collapse

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โดย TheStreet·Read original
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Irish aircraft leasing group Priority 1 has entered administration following the bankruptcy of its only airline, UK-based cargo carrier European Cargo Limited. European Cargo, which converted old Virgin Atlantic A340-60s into freighters, entered administration in early June with more than $41.8 million in debt, resulting in 178 job losses and the likely liquidation of multiple aircraft. Priority 1, established in Shannon in 2024 and backed by investor Doug Brennan and BlackRock, owned a fleet of 15 Airbus A340 planes, 82 Trent 500 engines, and 9,000 spare parts. Teneo Restructuring Ireland, the administrator, cited sustained financial pressure, reduced flying activity, significant working capital constraints, and increased fuel costs as factors, and will now seek buyers for the group's assets.

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