Advertisements
Acquisition & Investment, Aviation, Business, News, Shannon Airport, World

Transaero confident of exiting examinership

Photo: © Pat Flynn 2015

Transaero Engineering Ireland looking forward to exiting examinership – Photo: © Pat Flynn 2015

Management at an aircraft maintenance facility that employs 230 people at Shannon Airport say they are looking forward to exiting Examinership later this month.

An interim examiner was appointed to Transaero Engineering Ireland (TEI) in January following a request from the company in High Court.

TEI requested Court Protection and the High Court appointed Michael McAteer of Grant Thornton as interim examiner to the company with a view to presenting a restructure plan to ensure the company’s future.

The company’s legal team had told the court that the global geo-political and economic climate had been having increasingly negative effects on TEI’s parent company, the Russian carrier Transaero Airlines.

A notice on the company’s website outlines how the combined impact of the EU/US trade sanctions, geo-political tensions, the fall in the price of oil and the Rouble currency crisis continue to impact on economic activity within Russia and between many of its main trading partners.

“This has created serious financial difficulties for Transaero Airlines who rely on the support of the Russian banks and make many of their payments in Euro and Dollars. The net effect of these events has resulted in TSO (the airline) seeking Russian government support/financial aid,” the company said.

Photo: © Pat Flynn 2015

Parent company Transaero Airlines unable to pay money owed – ,Photo: © Pat Flynn 2015

The High Court also heard how Transaero Airlines was not in a position to pay TEI moneys due for services rendered and has indicated that it is not in a position to support TEI on an ongoing basis.

TEI said it intended to use the court protection period to restructure its business and to work with its existing core base of quality customers.

The company also confirmed in January having “initial contacts with a potential investor with a view to securing an investment that will put the company on to a solid footing.”

“It is anticipated that an arrangement could be reached within the timeframe of the examinership period,” the company said.

There has been speculation in recent days that an investor has been secured for the facility.

Following meetings held last Friday, a company spokesman said: “We look forward to the final Court hearing on the 14th of April, and the exiting of the Company from Examinership.”

“Both the Company and the Examiner welcome the support shown by the creditors at the various meetings held last Friday. The support for the scheme together with the voting by the staff to the work practice changes, puts the company on a very strong footing going forward,” the spokesman added.

Advertisements

About Newsdesk

The Clare Herald was established by Mark Dunphy in December 2007 as the foremost online news resource for County Clare in Ireland. It has since become an established online news outlet for the County providing breaking news updates to a growing domestic Irish and international audience. The site features local, business, sports and entertainment news from Clare. The Clare Herald website features contributors who have an impressive journalistic track record both in the local and national media.

Discussion

Trackbacks/Pingbacks

  1. Pingback: » Daily Aviation Brief – 02/04/2015 - April 2, 2015

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Advertisements

Categories

Archives

clare_company_the_burren_smokehouse_lands_3_great_taste_awardsDoolin-Folk-Festivaladdtext_com_MTU0MzQ2MTAwNTYmURFAarmada-hotel-logo90502.original.pngadd-banner-ad-blogger-trick

Clare Herald on Twitter

Enter your email address to follow The Clare Herald and receive notifications of new stories by email.

Clare Herald Features

Webcam

web statistics
%d bloggers like this: