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31/08/2010
Examiner Appointed To Aer Arann
The High Court has appointed an Examiner for troubled airline, Aer Arann.
Aer Arann said it intends to operate normally during the period of examinership and intends to fly all Aer Arann services and all Aer Lingus Regional services operated under the airline’s franchise agreement with Aer Lingus.
No flights have been cancelled or are planned to be cancelled and reservations can continue to be made on www.aerarann.com. Aer Arann said it intends there will be no impact on customer travel or bookings as a result of the move into examinership.
A spokesman for the company said: "Following the High Court hearing on 8th September Aer Arann expects to remain in examinership for an initial period of up to 70 days.
"During that time the company will benefit from the protection of the Court from its creditors so that it can re-organise and re-structure the business. Aer Arann and the Examiner will also use the time to negotiate with potential investors and a number of parties have expressed their interest in the airline."
Yesterday evening, Ms Justice Maureen Clarke appointed Michael McAteer of Grant Thornton as Interim Examiner to the airline. The petition to enter examinership was made by the company following a resolution of its Board of Directors.
Ms Justice Clarke set 8th September as the date for a full hearing of the company’s application and in the meantime Aer Arann is in interim examinership and under the protection of the Court.
The company had been trading well in the first quarter of 2010 but following the losses of the previous two years it did not have the cash reserves to deal with the downturn precipitated by the volcanic ash crisis in the second quarter.
Aer Lingus said it will continue to work with Aer Arann on the provision of services through the franchise agreement between the airlines. All bookings for Aer Lingus Regional services can continue to be made with confidence on www.aerlingus.com
(DW)
Aer Arann said it intends to operate normally during the period of examinership and intends to fly all Aer Arann services and all Aer Lingus Regional services operated under the airline’s franchise agreement with Aer Lingus.
No flights have been cancelled or are planned to be cancelled and reservations can continue to be made on www.aerarann.com. Aer Arann said it intends there will be no impact on customer travel or bookings as a result of the move into examinership.
A spokesman for the company said: "Following the High Court hearing on 8th September Aer Arann expects to remain in examinership for an initial period of up to 70 days.
"During that time the company will benefit from the protection of the Court from its creditors so that it can re-organise and re-structure the business. Aer Arann and the Examiner will also use the time to negotiate with potential investors and a number of parties have expressed their interest in the airline."
Yesterday evening, Ms Justice Maureen Clarke appointed Michael McAteer of Grant Thornton as Interim Examiner to the airline. The petition to enter examinership was made by the company following a resolution of its Board of Directors.
Ms Justice Clarke set 8th September as the date for a full hearing of the company’s application and in the meantime Aer Arann is in interim examinership and under the protection of the Court.
The company had been trading well in the first quarter of 2010 but following the losses of the previous two years it did not have the cash reserves to deal with the downturn precipitated by the volcanic ash crisis in the second quarter.
Aer Lingus said it will continue to work with Aer Arann on the provision of services through the franchise agreement between the airlines. All bookings for Aer Lingus Regional services can continue to be made with confidence on www.aerlingus.com
(DW)
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