THE FUTURE OF STRUGGLING AIRLINE AER ARRAN IS SAFE FOR NOW

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP October 12, 2010 14:34

THE FUTURE OF STRUGGLING AIRLINE AER ARRAN IS SAFE FOR NOW

A conditional investment agreement has been signed with Aer Arann to ensure its survival as a going concern. The High Court in the Isle of Mann yesterday approved the continuation of the examinership of Aer Arann. Examiner Michael McAteer of Grant Thornton is in the process of finalising the deal and intends to issue his proposals to creditors next week.

The company went into examinership, an alternative to liquidation, at the end of August, and is trying to turn around a deficit of €13 million, after being hit by the global economic downturn and disruption caused by the Icelandic ash cloud. With 14 potential investors coming forward and the airline given full protection from creditors as it searches for fresh finance. Aerr Arran, which operates routes from Ronaldsway to Dublin and London City, is insisting it is business as usual.

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP October 12, 2010 14:34
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Only <a href="http://www.aviationnews-online.com/wp-login.php?redirect_to=http%3A%2F%2Fwww.aviationnews-online.com%2Fairline%2Fthe-future-of-struggling-airline-aer-arran-is-safe-for-now%2F"> registered </a> users can comment.