CargoLogicAir Stock Sales at Schiphol and Hahn Targeted by Year-End

Storage charges are cutting into the expected returns from CargoLogicAir’s remaining stock, even as administrators work toward sales at Amsterdam Airport Schiphol and Hahn Airport by the end of 2024. The proposed prices total hundreds of thousands of dollars, but rent and storage costs will reduce what is left for the defunct freighter operator’s estate.

In its latest six-month progress report, joint administrator Buchler Phillips said valuation agent Lambert Smith Hampton (LSH) was aiming to complete both sales before year-end. The report’s figures show why timing matters: costs continue to accrue while the stock remains in storage, and the final proceeds depend partly on negotiations over those charges.

Storage costs weigh on sale proceeds

At Schiphol, LSH told Buchler Phillips on 15 November 2024 that it was aiming to sell the stock for $390,000 plus VAT. CargoLogicAir is incurring monthly storage costs of €15,000 at the airport. LSH is negotiating rent, the administrator said, because the amount already paid during the administration has left little net benefit from realising the stock.

The Hahn stock is also targeted for a sale before the end of the year. LSH gave a price range of $200,000 to $225,000 in its 15 November update. The estimated settlement of storage costs at Hahn is €53,000, another expense that will come out of the sale’s value.

The two airport deals are at different stages of certainty in the report: Schiphol has a stated target price, while Hahn has a range. Neither figure represents the net amount available to the estate. Storage charges, rent negotiations and VAT at Schiphol all affect the eventual return. The report does not give a final completion date or a net proceeds figure for either location.

That distinction matters when assessing the value of stock held at multiple sites. A sale price describes what a buyer may pay; the amount recovered after storage and other costs can be substantially different. Here, the administrator’s update makes the carrying costs central to the outcome, particularly at Schiphol, where the monthly charge is continuing while negotiations proceed.

East Midlands sale was previously reported

The prior progress update had reported a confirmed offer of $385,000 plus VAT for CargoLogicAir stock at East Midlands Airport in the UK. Buchler Phillips’ latest report refers back to that offer. It does not provide a new completion date or an updated net return for the East Midlands stock.

Taken together, the airport holdings show the practical difficulty of closing out an airline estate with assets spread across several locations. Each sale has its own buyer, local storage bill and settlement details. For the administrators, completing sales can turn stored goods into cash; delays can continue to consume value through facility charges.

Administration continues amid record access problems

CargoLogicAir entered administration in 2022 after it halted services. Restrictions tied to the conflict in Ukraine prevented the carrier from flying to European Union and US destinations. The airline’s ultimate beneficial owner, Alexey Isaykin, was later placed on a UK sanctions list related to the conflict.

In October 2023, the statutory administration period was extended until 16 November 2025. Buchler Phillips had faced difficulties accessing records and setting up bank accounts because of the sanctions. The extended period gives the administrators more time to handle the company’s affairs, including asset sales and debt recovery.

In June, Buchler Phillips said it had been unable to access CargoLogicAir’s Microsoft Azure and Microsoft 365 subscriptions since its appointment, severely hampering progress. The administrator reported that Microsoft Ireland Operations Limited began engaging with it after legal action was threatened. The update does not describe the extent of access restored or say how quickly the records issue can be resolved.

Debt recovery and fleet context

Debt recovery is ongoing. Buchler Phillips has received more than £41,000 from three CargoLogicAir debtors and expects to collect more than £206,000 from other debtors. The administrator also reported that staff pension contribution payments had been completed and the pension scheme closed.

CargoLogicAir operated four Boeing 747 freighters at its peak. Fleet tracking website Planespotters records that one 747-400F and one 747-8F left the fleet in December 2019. The aircraft history provides context for the scale of the former operator, while the current administration update is focused on recovering value from the remaining stock and outstanding debts.

The next useful milestones are whether LSH completes the Schiphol and Hahn sales by the stated year-end target, and what remains after storage costs are settled. Until those figures are reported, the proposed sale prices offer only a partial view of the recovery underway.