Future of EUjet to be resolved this week
25.09.05
The fate of EUjet, the former Kent Airport based airline that is in examinership in Ireland (it is Irish registered), will be decided in the next week. The airline's examiner is said to be attempting to put together a last-minute rescue plan, otherwise the airline faces liquidation.
The examiner, Dublin accountant John McStay, is said to be in discussions with one potential investor and hopes to complete a deal this week. It is understood that the potential investor is a continental European businessman with a background in the airline industry. If the deal falls through, the airline looks certain to be put into liquidation.
The businessman had originally put together a consortium to invest in another airline, but is now trying to persuade his backers to inject capital into EUjet. It is understood that the new investor intends to run the airline as an aircraft leasing operation rather than a chartered airline.
PJ McGoldrick, the founder of EUjet, originally established the firm leasing company in 2002, before moving into low-fare scheduled services. If the rescue deal is completed, it is understood that the airline will pay its creditors 10 cent in the euro under a scheme of arrangement being prepared by McStay. More than 2000 EUjet customers are owed €700,000 in total.
EUjet ceased operations on July 26 with the loss of 200 jobs, 150 of which were at Kent airport. The move came after bankers for the firm's parent company, PlaneStation, decided not to invest any more money in the firm.
PlaneStation, a British airport operator, bought EUjet last year. The company is currently in administration and its stock listing has been suspended. Last month it was forced to sell its prime asset, Kent International Airport, for £17 million to Infratil, owners of Glasgow Prestwick Airport.
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