Interim examiner appointed at Aer Arann & McInenery Homes.

liammur

http://www.rte.ie/news/2010/0826/aerarann.html

http://www.rte.ie/aertel/132-01.html

Let's hope they get through this. But it's just another sign that our recovery isn't all it's being cracked up to be, by our (so called) finance minister.

hinault

McInerney's are in dire straits at present.

They tried to make a case that their loans, which were transferred in to NAMA, prevented them from renegotiating new lines of credit with non-Irish banks.

Cookie_Monster

I was pretty surprised to hear about Aer Arann on the radio earlier, especially considering the semi-merger / route share with AL recently. The came out very strongly though about how it will not affect flights

liammur

They took a sizeable hit with the volcanic ash.
McInenerneys used to be amongst the biggest of Irish builders, shows how even the well placed got caught up in the building fiasco.

cson

Remember that these are Examinerships; the primary aim of this instrument is to assess whether the company can trade out of its difficulties by using either a scheme of arrangement or taking new investors on board.

For Aer Arann I suspect the latter; the PSO routes they operate are extremely lucrative.

Nijmegen

Aer Arann will get picked up: They've got good routes and an excellent agreement with Aer Lingus also. They just need some economies of scale to be truly profitable.

Chris_5339762

I hope Aer Arann keep going, they're the only decent airline we have left. No baggage charges, no scrum at the gate. Feel like what an airline used to be.

Not like Ryanair (scrum) and Aer Lingus (unionised Ryanair wannabes).

sceptre

liammur wrote: »

McInenerneys used to be amongst the biggest of Irish builders, shows how even the well placed got caught up in the building fiasco.

McInerneys have a history of veering towards liquidation through poor trading, only to be rescued from the brink before hitting the wall - they were restructured in the early 90s and then again in the mid-90s, both times to avoid bankruptcy due to massive debts.

They may well make it through again but while it's been a while since their last almost-death, they have a track record of poor decisions and almost being wiped out in the past. At least for a change this time it's because of their Irish properties rather than their foreign ones.

liammur

sceptre wrote: »

McInerneys have a history of veering towards liquidation through poor trading, only to be rescued from the brink before hitting the wall - they were restructured in the early 90s and then again in the mid-90s, both times to avoid bankruptcy due to massive debts.

They may well make it through again but while it's been a while since their last almost-death, they have a track record of poor decisions and almost being wiped out in the past. At least for a change this time it's because of their Irish properties rather than their foreign ones.

I wasn't aware of that. Definitely won't be buying their shares so!

ART6

It's an interesting thought (to me at least). Anglo Irish heading towards a €37 billion bailout. Aerarann €12 million losses. Anglo Irish must be salvaged. Aerarann is a private company and government intervention would be prohibited by the EU.

Anglo Irish is no use to anyone. It is not a retail bank. Aerarann provides a vital service in the south east and from the Arann Isalnds.

Evidently, then, Anglo Irish was not a private company when it was effectively nationalised but it is important to the Irish econony. Aerarann is a private company and is not important to the Irish economy (if you happen to have a government jet, that is).

The bondholders of Anglo Irish must be protected, but the shareholders of Aerarann cannot be.

I really find it hard to understand the logic in all of this. OK, I accept that the government can't bail out every company that gets into trouble, but if that's so, why are we digging Anglo out of the hole they dug for themselves? Why didn't they go where Lehman Bros went?

I have resisted the conclusion, but increasingly I find myself tempted to wonder if all of this is has more to do with who FF's mates are than what is for the good of the people, but what the hell? I'm just an ordinary Joe with no understanding of such things. But I guess that long after Aerarann and their likes are gone we will still be counting frogs for the Greens and our descendants will be paying the bill for the gross incompetence and graft of the current government. God help Ireland!

liammur

I think people are becoming increasingly sick of this anglo bailout. €210m a week, and the country is literally falling down, particularly outside dublin.

mike65

Eddie Stobart looks like being the new owner, didn't know they had any irons in the aviation fire.

http://www.sbpost.ie/news/british-firm-is-revealed-as-new-backer-of-aer-arann-52194.html

I wonder if he will move the flights from Luton to his airport in Essex - London Southend

It looks smaller than Luton but his website suggests it will be getting a direct rail link to London.
http://maps.google.co.uk/maps?ie=UTF8&hl=en&q=southend+airport&ll=51.569815,0.694885&spn=0.293205,0.637207&z

Head The Wall

Deleted User wrote: »

I wonder if he will move the flights from Luton to his airport in Essex - London Southend

It looks smaller than Luton but his website suggests it will be getting a direct rail link to London.
http://maps.google.co.uk/maps?ie=UTF8&hl=en&q=southend+airport&ll=51.569815,0.694885&spn=0.293205,0.637207&z

According to the Galway Independent they will be using their airport. They would want to get a move on with the train line though, taxes from Galway Airport are already €50 so an expensive commute from the airport wouldn't make it worthwhile.

donkey balls

mike65 wrote: »

Eddie Stobart looks like being the new owner, didn't know they had any irons in the aviation fire.

http://www.sbpost.ie/news/british-firm-is-revealed-as-new-backer-of-aer-arann-52194.html

I wonder will Stobart try and rip up the contracts that the flight crew have at present and try to force them with new ones on less T&Cs:mad:.
He is well known for paying crap wages in the transport industry.