Transaero to exit examinership

Aircraft maintenance specialist, Transaero, will exit High Court protection on Wednesday after a three-month examinership succeeded in rescuing the business.

Michael McAteer of Grant Thornton was appointed as examiner to Transaero Engineering Ireland in January after it ran into difficulties as a result of its Russian parent being unable to pay debts due to the Shannon operation.

The compan confirmed on Tuesday that the High Court has approved the completion of its examinership and that it will exit the process at midday on April 15th.

Chief executive, William McGonagle, said that he wished to acknowledge the support the company received from workers, customers and suppliers during the period.

"In particular we had great support from a number of our customers throughout the period of examinership from Star Air, Tui Group, Air Contractors, Midroc, Jetstream and Aercap – it is very much appreciated," he added.

Transaero is based in Shannon where it carries out heavy maintenance and repair on Boeing craft for a range of customers .

Examinership allows troubled companies with a reasonable prospect of survival up to three months to come up with a resce plan. The process is overseen by the courts.