ANONYMOUS INVESTOR TO RESCUE AER ARANN

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By admin November 2, 2010 10:03

ANONYMOUS INVESTOR TO RESCUE AER ARANN

According to development in the high court, an anonymous investor is preparing to take a stake in Aer Arann but only if the scheme designed to ensure the airline’s survival is approved. Some €3.5 million from UK transport company Stobart and Galway businessman Pádraig Ó Céidigh, the airline’s owner, and others will be invested in the company. The new investor has stated it will be prepared to acquire an equity stake in the airline but only if the creditor agreement is approved.

The judge had been seeking greater clarification on how the airline was planning to survive as a going concern but following the new promise of investment, the judge said she needed to see all the relevant information about the proposed new investment and how it might affect the scheme before she allows it to leave examinership, which the airline entered into last August when it was declared insolvent and unable to pay it debts.

Some €29 million is owed to the 12 classes of creditors – nine of which have supported the survival plan.

admin
By admin November 2, 2010 10:03
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