Aer Arann in "Chapter 11"
Posted: 29 Aug 2010, 12:56Sadly this was probably to be expected...
Aer Arann in Ireland's version of Chapter 11
Examinership is a provision in Irish company law that is designed to help companies that have financial difficulties but that also have a reasonable prospect of survival and the High Court, the Independent Accountants and Aer Arann consider that the company has a viable business plan. The airline will operate as normal in order to preserve as many of the 320 jobs in the company as possible and the hundreds of associated jobs in airports and aviation support services companies.
The decision to petition for examinership follows two years of loss-making trading in a difficult economic environment with recession negatively impacting the global aviation industry followed by the volcanic ash disruptions this year.
Aer Arann in Ireland's version of Chapter 11
Examinership is a provision in Irish company law that is designed to help companies that have financial difficulties but that also have a reasonable prospect of survival and the High Court, the Independent Accountants and Aer Arann consider that the company has a viable business plan. The airline will operate as normal in order to preserve as many of the 320 jobs in the company as possible and the hundreds of associated jobs in airports and aviation support services companies.
The decision to petition for examinership follows two years of loss-making trading in a difficult economic environment with recession negatively impacting the global aviation industry followed by the volcanic ash disruptions this year.