Leisure Cargo Files for Insolvency After Loss of Major Contracts

Leisure Cargo (LC) is to enter insolvency following the loss of contracts with TUI and another carrier. A spokesperson for the GSSA confirmed to The Loadstar it had begun insolvency proceedings at a court in Dusseldorf, with White & Case appointed trustees, The Loadstar reported. Reorganisation manager Tillmann Peeters, of Falkensteg Restrukturierung, said: “We want to stabilise business operations quickly and continue as smoothly as possible. “Together with the provisional trustee, we will explore the remediation options as swiftly as possible, and as thoroughly as necessary, during the June-August bankruptcy period.” Rumours had been circulating for some time that LC was struggling after TUI dropped it, moving to competitor ECS Group. Read more