Aer Arann has “reasonable prospect of survival as a going concern”
Published: 08/09/2010 - Filed under: News »
The Examiner appointed to Irish carrier Aer Arann says the airline has a “reasonable prospect of survival as a going concern”, despite losses of €18m since 2008.
Under Irish law an ailing company can apply for an Examiner to be appointed to evaluate the company’s viability, and to develop a long-term survival plan where appropriate. The process acts as a form of bankruptcy protection, as during a period of Examinership no application can be made to wind up the company.
Aer Arann applied for Examinership following losses of €18m since 2008, saying that its current dificulties were beyond its control. The airline was badly affected by the ash crisis earlier this year.
In his report Examiner Michael McAteer of Grant Thornton said that “based on his examination of the Company’s financial records and projections, his discussions with trade suppliers and meetings with the key personnel of the Company he is of the opinion that the Company has a reasonable prospect of survival as a going concern”. McAteer added that 14 parties had expressed an interest in investing in the company.
The appointment of the Examiner was described by Aer Arann’s CEO Paul Schütz as “very positive news for the company”, and the airline said that it continues to operate normally during the period of examinership.
The Examiner is due to present a report on progress to the High Court on Monday October 11.
For more information visit aerarann.com.
Report by Mark Caswell
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