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I sympathise with you as I too have suffered a financial loss due to GSM cancelling their flights from ABZ - LPA. I lost 50% of my accommodation costs, complained to GSM but all I got was basically a "sorry but it is in our T&Cs"
I think a flight time has to change by 12 hours to be considered a major change so sadly think you are in the same situation as myself and probably many others by being out of pocket through no fault of your own due to an airline that does not give a damn about how they treat their customers.!