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CargoLogicAir can pay off creditors, but Russians in mix
来源：shippingazette 编辑：编辑部 发布：2023/01/27 11:42:57
ADMINISTRATORS of distressed UK-based freight operator CargoLogicAir expect to have sufficient funds to pay all creditors in full, but also announced difficulties because of the company's Russian links, reports London's FlightGlobal.
CargoLogicAir, which operated Boeing 747 freighters, was forced to halt services after sanctions relating to the Ukrainian conflict prevented it from flying to European Union and US destinations.
Its ultimate shareholder until recently, Volga-Dnepr entrepreneur Alexei Isaikin, had also been placed on a list of sanctioned individuals.
CargoLogicAir's management sought to free itself from Russian ownership, the administrator reveals, by applying to the UK government¡¯s Office of Financial Sanctions Implementation to have its ownership transferred to a UK-based trust structure which would give ownership and control to the company's employees.
But the government refused this re-organisation proposal. CargoLogicAir was also experiencing significant difficulties in paying staff and suppliers because its bank was carrying out detailed evaluation of payments by the company.
After the bank notified the carrier that it would close its accounts by the end of November last year, CargoLogicAir was unable to find a UK bank willing to take on a Russian-linked company, and administration became the best option.
CargoLogicAir, which operated Boeing 747 freighters, was forced to halt services after sanctions relating to the Ukrainian conflict prevented it from flying to European Union and US destinations.
Its ultimate shareholder until recently, Volga-Dnepr entrepreneur Alexei Isaikin, had also been placed on a list of sanctioned individuals.
CargoLogicAir's management sought to free itself from Russian ownership, the administrator reveals, by applying to the UK government¡¯s Office of Financial Sanctions Implementation to have its ownership transferred to a UK-based trust structure which would give ownership and control to the company's employees.
But the government refused this re-organisation proposal. CargoLogicAir was also experiencing significant difficulties in paying staff and suppliers because its bank was carrying out detailed evaluation of payments by the company.
After the bank notified the carrier that it would close its accounts by the end of November last year, CargoLogicAir was unable to find a UK bank willing to take on a Russian-linked company, and administration became the best option.