AER ARANN appeared to move a step closer to successfully exiting examinership yesterday after a majority of the airline’s creditor classes agreed to a proposed scheme of arrangement to settle their debts.
A majority of the 16 creditor classes approved the scheme of arrangement yesterday at a series of meetings held with the airline’s examiner, Michael McAteer of Grant Thornton.
The scheme still requires the approval of the High Court and creditors can oppose the terms of the scheme of arrangement when the case is heard.
It is understood that the Revenue Commissioners, who are owed about €2 million across three creditor classes, voted against the terms offered to preferential and super preferential creditors.
It abstained in relation to unsecured creditors. But the Revenue indicated yesterday that it wished to see Aer Arann successfully exit the examinership process and it is not expected to oppose the scheme in court.
Justice Mary Finlay Geogeghan yesterday set next Tuesday as the date for the next hearing in the Aer Arann’s examinership.
Mr McAteer is expected to present a Section 18 report on this date. This will detail the proposals put to members and the outcome of each of the creditors meetings.
He is also expected to seek a confirmation hearing for next Friday, at which the judge could set an effective date for the airline to exit examinership.
Creditors of Aer Arann are set to receive €2.2 million from the airline’s new investors in settlement of their debts. The creditors are owed €29.5 million between them.
Mr McAteer has agreed an investment of €3.5 million with UK transport group Stobart and businessman Pádraig Ó Céidigh, who owns the airline. They will purchase Aer Arann for €1.
