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Interim examiner for Transaero

Transaero, which employs 235 people at Shannon, is unable to meet its debts because of economic difficulties in Russia and by its Russian parent company, the High Court was told today this week. Mr Justice Bernard Barton appointed Grant Thornton chartered accountant, Michael McAteer as interim examiner to Transaero Engineering Ireland (TEI), a globally approved maintenance, repair and aircraft overhaul company. Barrister James Doherty told the court that TEI, which had a turnover of €27 million in 2010/11, was an Irish-registered company, which had been generating relatively modest profit and had been taken over by Transaero Airlines in 2012. He said increased pressures had been put on TEI’s profitability by its parent company, which had required it to carry out work for it on a cost only basis, which had eaten into its profits. Mr Doherty said the company was seeking the appointment of an interim examiner to stabilise its position and give comfort to employees that their situation is …

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