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Tag Archives: examinership

‘Positive’ outlook at Shannon’s Atlantic Aviation

IN examinership a few years ago, new accounts filed for Atlantic Aviation show it had a very successful 2016. The director’s report for the year states, “Since its successful exit from an examinership process in April 2015, the directors have focused on stabilising the business by growing the revenue line, improving efficiencies and reducing the cost base and continue to do so throughout 2017. “The directors are satisfied with the profitable results for the year and the outlook is positive. A number of managerial changes have taken place and the team has been strengthened in operations, marketing and HR to provide a platform for ongoing profitable growth. The company continues to produce highly-skilled staff through its in-house training academy.” The company claims that retaining its staff is very important. “A key driver in the business is the retention of staff and the directors/management are endeavouring to make Atlantic Aviation Group a better place to work in the long-term. “A ‘focus …

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Transaero exits examinership

Transaero in Shannon has successfully exited examinership this week. The aircraft maintenance specialist exited High Court protection on Wednesday after a three-month examinership succeeded in rescuing the business. In congratulating management and workers, Senator Tony Mulcahy said, “This is a hugely positive story as it secures the future of a significant aircraft maintenance facility, which it will also give confidence to other operators considering investment in Shannon. “It is important that Transaero’s customers and suppliers also be acknowledged for their support for the company. This important Shannon operation can move forward with confidence and I am particularly delighted that job security has now been confirmed for workers there,” he added.

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Russian crises hits Shannon aircraft maintenance company

THE crises that have struck Russia in recent months are being put forward as the reasons that Shannon-based Transaero Engineering Ireland had to seek the protection of the courts this week. The aircraft maintenance company entered an examinership process on Monday with the aim of securing its future. It currently has 230 employees and around 40 contract workers. Examinership gives struggling companies breathing space as it gives them protection from creditors for 100 days, during which time the court-appointed examiner, in this case Michael McAteer of Grant Thornton, reports back to the court with recommendations. While the majority of businesses that enter examinership do continue to trade after successfully exiting, the examiner has to find there is a reasonable prospect of it becoming viable. Formerly Air Atlanta Aero Engineering, the company came under Russian ownership when it was purchased by Transaero Airlines almost three years ago. In a statement published on its website on Tuesday, TransAero Engineering Ireland (TEI) outlined …

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