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Aer Arann Examinership Continued

Business & Finance - Industry

Tuesday, 12 October 2010 08:53
Written by Noel Cotter
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Justice Mary Finlay Geoghegan approved the continuation of the examinership of Comhfhorbairt (Gaillimh) trading as Aer Arann.

In the High Court last evening the Examiner, Mr. Michael McAteer of Grant Thornton informed the court that a conditional investment agreement had been signed and in light of this he remained of the opinion that the Company has a reasonable prospect of survival as a going concern.  

The Examiner is in the process of finalising his Scheme of Arrangement and intends to issue these proposals to creditors in the coming days. Creditors meetings will be held in the week beginning October 18th.

The next court hearing has been set for 22nd October.

Meanwhile, it is understood that a group comprising its current owner Pádraig Ó Céidigh and an overseas listed company could soon take over the airline.

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