EuroManx had 40,000 creditors
14.05.08
Failed airline EuroManx has debts of £3m - £4m, with some 40,000 creditors, it has emerged. The airline blamed rising fuel prices and reduced passenger numbers which it said had proved 'insurmountable obstacles'.
Airline directors filed for voluntary liquidation at 06:25 on Friday, just two minutes after its remaining aircraft took off from Ronaldsway, heading for Flybe's maintenance facility at Exeter to join EuroManx's other leased Dash 8 plane.
Staff arriving for work that morning had no idea that the company had ceased trading and were only told by chief executive officer John Seymour at 11:00, shortly after he had met with liquidator Mike Simpson of Island-based PricewaterhouseCoopers.
Airport director Ann Reynolds confirmed EuroManx owed a 'substantial amount' in both unpaid landing charges and air passenger duty and an agreement had previously been made with the government to pay that money back.
Liquidator Mr Simpson said the airline had 40,000 creditors including about 130 companies that had supplied services, some 70 staff owed wages, shift pay and redundancy and passengers who had booked flights but not yet flown.
Mr Simpson said the company's debts were 'significantly greater' than its assets. He said: 'The focus now is to determine the financial position, identify the assets and all the creditors in order to draw up a statement of affairs. The company is insolvent and has been in financial difficulties for some time.'
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