Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Cargo Logic Germany, a German cargo airline and subsidiary of Cargologic Holdings, filed for insolvency and announced the redundancy of around 110 people in Leipzig, Saxony, Germany.
Cargo airline Cargo Logic Germany (CLG) was declared insolvent on 10 May, after being banned from European airspace by Germany's Federal Aviation Authority (LBA) in March as a result of sanctions against Russia, because the company has Russian ownership. The company did not found any investors during this period; its four Boeing 737 freighters are stuck at various airports. The insolvency administrator reported that all the employees will be made redundant, although some of them will be kept on for a while to help the insolvency administrator liquidate the company.
CLG, which employed almost 110 pilots before the bankruptcy, mainly flew for the logistics company DHL, which operates its European logistics centre at Leipzig/Halle Airport.
Eurofound (2022), Cargo Logic Germany, Closure in Germany, factsheet number 107210, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107210.