30 AUGUST 2010

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Article from BTNews 30 AUGUST 2010

Aer Arann under examinership

IRISH REGIONAL AIRLINE Aer Arann has been put under examinership after suffering €18m losses since 2008.  Under Irish company law this is similar to US ‘Chapter 11’ or the British ‘Administration’.  The company said it had been on course to meet budget targets this year but was badly hit by the volcanic ash crisis.  In a statement it noted: "Aer Arann 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."  Grant Thornton ishandling the situation in Dublin.  Aer Arann also said it expects to remain in examinership for up to 70 days after that and that it has a viable business plan. Aer Lingus itself made an operating profit of €18.8m between April and June this year, a significant improvement on the €18.2m operating loss over the same period in 2009 and predicts a €21m operating profit for the whole year, good news for the previously ailing airline www.aerarann.com

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