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The insolvency administrator Mr Steffen Beck from PLUTA Rechtsanwalts GmbH has succeeded in finding an investor for the flight service provider Stuttgarter Flugdienst GmbH (SFD). The well-known Bremen-based Atlas Air Service AG took over business operations as part of an asset deal with effect from 1 August 2019. Six of the original ten employees were kept on by the new owner.
It was a big challenge for all those involved to look for an investor and to maintain business operations during the provisional proceedings. PLUTA restructuring expert Mr Beck explained, “When a company files for insolvency, it automatically loses its operating licence pursuant to the German Air Traffic Act. This means that the company is no longer allowed to have its aircraft take off and land. So we are even more pleased to have found a reliable investor.” The PLUTA team also includes the attorney Dr Matthias Lehr.
Since 1970, Atlas Air Service AG has been known for providing competent and high-quality services for business aircraft. As Europe’s largest specialist in Embraer Executive Jets, Cessna Citation Jets, Beechcraft King Airs as well as Hawker Aircraft, the company offers a comprehensive business aviation service. Atlas Air Service has three sites, located in Bremen, Ganderkesee and Augsburg, with a staff of 250 people.
SFD filed for insolvency in May 2019. Subsequently, the Local Court of Esslingen ordered proceedings to be opened and appointed the PLUTA attorney Mr Steffen Beck as the provisional insolvency administrator. On 1 August 2019, insolvency proceedings were opened.