AIB CREDITED WITH GIVING AER ARANN LIFELINE

Date Published: 29-Aug-2010

THE embattled Aer Arann, which went into voluntary examinership on Thursday, is said to have been given a 1 million Euro lifeline by Allied Irish Banks.

According to today’s "Sunday Independent" this fresh funding allowed the appointment of an examiner and helped prevent the almost immediate loss of over 300 jobs.

The report also states that the airline’s chairman, Galway business man Padraig O Ceidigh may be facing significant personal financial losses having given personal guarantees amounting to 1.2 million Euro to AIB.

According to the report this was as part of the terms of Aer Arann’s overall financial funding facility from the bank.

Those travelling with the Aer Arann have been assured that it is business as normal while the examinership at the airline continues.