COURT PROTECTION for grounded charter airline Futura Gael has been extended after the Commercial Court heard yesterday that it was believed to have a reasonable prospect of survival.
Mr Justice Peter Kelly appointed Kieran Wallace of KPMG as examiner after being told that Mr Wallace, who was appointed interim examiner last month, and an independent accountant believed Futura might survive.
The judge was earlier told that the Revenue Commissioners, owed some €91,000, were adopting a neutral position on the application for examinership. All outstanding tax returns should be filed, counsel for the Revenue said.
A solicitor for the Commission for Aviation Regulation was at the hearing. The commission has revoked Futura's licence.
Having read reports of the independent accountant and Mr Wallace, and other documents, Mr Justice Kelly appointed Mr Wallace as examiner. He has three months to put together a rescue plan.
