Popular Airline Has Lost €18 Million Since 2008
Airline Aer Arran has entered interim examinership, after a court was told that it’s currently insolvent and unable to repay its debts.
The case will come before the courts for a full hearing on September 8th when it’s anticipated that the company will enter examinership for a period of 70 days, during this time they will have the courts protection.
Since 2008 the company has lost €18 million.
Aer Arran serve routes to the Isle of Man and have said they will be still be honouring all of their flights throughout the examinership period.
It was heard in court how they owe debts of approximately €10 million, their creditors have organised a one million euro overdraft during the period of court protection.
The airline will now desperately have to find new investors if it is to survive as a company, currently it’s believed that 3 investors have expressed interest.
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