- Priority 1 Group liquidation proceedings udnerway.
- Joint liquidators from Teneo manage the process.
- 15 Airbus A340 cargo aircraft listed for sale.
- The fleet includes converted A340-600 models.
- European Cargo ceased operations on 3 June 2026.
Liquidators from Teneo Restructuring Ireland have listed assets of Shannon based Priority 1 for sale including 15 Airbus A340 cargo aircraft, 82 Rolls-Royce Trent 500 engines and over 9,000 spare parts for sale.
The group accumulated over $48.9m in debt and recorded a $30.4m net loss in 2024 until European Cargo eventually entered administration on 3 June 2026 and joint provisional liquidators took charge of the Irish parent company of Bournemouth-based European Cargo Limited.
The aircraft consist mainly of passenger-to-freighter converted A340-600s. The collapse followed normalisation of pandemic freight volumes and high fuel costs.
Teneo Restructuring Ireland shared “the liquidators launched an immediate campaign to find buyers for the leasing portfolio.”
