The insolvent British company CargoLogicAir (CLA), a subsidiary of the Russian Volga Dnepr, leaves a staggering debt of around 6 million euros, as revealed by the latest bankruptcy report filed by the trustee overseeing the cargo company’s affairs. The dire financial situation has had a profound impact on approximately 110 employees of the airline who are still awaiting their salaries. The Russian invasion of Ukraine marked a turning point for CLA, sealing its fate and resulting in an outstanding salary debt totalling 3.2 million for the affected employees.
In addition to the unpaid salaries, the bankruptcy report discloses that approximately 90 creditors have come forward, claiming a combined total of 2.5 million pounds. This information was obtained from a report seen by the British trade magazine, The Loadstar.
A noteworthy detail highlighted in the report is the discovery of bank transfers recorded in Cargologic’s books for salary payments. However, employees insist that they never received the money, particularly the freight pilots who seem to be among the most affected.
The resolution of the bankruptcy has been set for a two-year period by the British court, and despite efforts made before to facilitate a restart, success has remained elusive. The challenging circumstances surrounding Cargologicar’s bankruptcy and the subsequent fallout from the Russian invasion have presented significant hurdles in the path of any revival attempts.
