Aer Arran flies in to administration
27.08.10
Irish airline Aer Arann has been put under examinership, a court supervised rescue process designed to help businesses recover from insolvency similar to administration in the UK or Chapter 11 bankruptcy protection in the US, after suffering €18 million losses since 2008.
The airline said it had been on course to meet budget targets this year but was badly affected by the volcanic ash crisis, suffering a loss of €6m as a result, which came on the back of similar losses in both 2008 and 2009. The High Court in Dublin intervened to protect the business today ahead of a full examination of its financial affairs early next month.
Michael McAteer of Grant Thornton has been given the task of ensuring the implementation of a restructuring plan. His appointment will not interfere with the day-to-day running of the business and the airline will continue to operate as normal during the interim examinership. No flights have been cancelled and flights can still be booked on the airline's website.
Aer Arann was set up in 1970, currently employs 320 people. It operates several routes in Ireland and also serves a number of cities in the UK and France under a 'franchise agreement with Aer Lingus, which remains in place.
Add to: del.icio.us | Digg it | Newsvine | NowPublic | Reddit
To book birmingham airport hotel or birmingham airport car park at the lowest price click on these links to birmingham airport car parking and birmingham airport hotel price comparison pages.
