THE High Court has approved a rescue scheme for CityJet, subject to certain conditions.

Mr Justice Kelly said a very professional job had been done by all the parties.

He said he was prepared to confirm the scheme of arrangement had been placed before the members and creditors. It had been anticipated that the Revenue Commissioners would be making objections but these had been withdrawn and it was to be commended as the proceedings had continued.

The Revenue had objected in principle in so far as the travel tax entitled it to a lien and that the unsecured creditors were treated in a different way, one to the other.

Mr Grainne Clohessy, counsel for the Revenue, said that it was owed £1.2 million and it had withdrawn objections as 185 jobs were at stake, although they still held them in principle.

Mr Michael Collins SC, for the company, said it remained viable and he shared the optimism that there would be a satisfactory outcome concerning the conditions.

A minimum of £3.9 million would be paid or subscribed by the consortium. The monies would be used to implement the scheme of arrangement and fund its future capital expenditure and working capital requirements.

The scheme of arrangement becomes effective at midnight on Monday, January 20th.