9-Sep-2010 12:11 PM

Aer Arann examiner is 'broadly optimistic' of carrier's survival

Aer Arann examiner, Michael McAteer, advised the Irish High Court that he is “broadly optimistic” of the prospects for the carrier’s survival and it could return to profitability next year (RTE News, 08-Sep-2010/Galway Advertiser, 09-Sep-2010). He also commented that 14 different parties have expressed interest in investing in Aer Arann. Aer Arann’s lawyers stated the examinership period may last only 50 days. The lawyers also commented that Aer Arann’s recent financial difficulties are mainly the result of the ash cloud in Apr-2010, which led to losses of EUR4.5 million. The carrier will continue to operate under court protection in the meantime. Mr McAteer will make another progress report to the court on 11-Oct-2010. Aer Arann CEO, Paul Schütz, stated Mr McAteer’s appointment as Examiner has been “very positive news for the company”.

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