CITYJET shareholders and creditors are expected to express approval of a scheme of arrangement for saving the airline, when they meet in a Dublin hotel on Monday.

Examiner Mr John McStay will hold a series of meetings with the various categories of creditors seeking approval for the plan which he has lodged with the High Court.

The airline has accumulated trading losses of £13 million and net liabilities of £8.4 million.

Five of the 250 creditors account for 70 per cent of the debt.

Company chairman Mr Patrick Byrne has told the High Court that the company's trade creditors have accepted a 75 per cent write-off of their debt.

Subject to agreement over the scheme of arrangement, a number of investors is to put £4 million into the company. These are Malmo Aviation of Sweden, Yeoman International Holdings, Standard Life and a number of private investors.

"CityJet is confident that the shareholders and creditors will approve the examiner's scheme of arrangement which will allow the airline to emerge from the examinership and conclude its financial restructuring," a spokesman for the company said.