Two units in O'Brien's aircraft leasing group to be wound up

TWO SUBSIDIARIES of Denis O’Brien’s Dublin-based aircraft leasing company Aergo Capital are to be wound up.

According to notices placed in the Daily Mirroron January 1st, creditors' meetings for Aergo Leasing and Aergo Omega Leasing will be held on January 12th for the purposes of appointing a liquidator.

A spokesman for Aergo Capital told The Irish Timeslast night that this was "an administrative procedure which follows on from the restructuring of the company almost a year ago".

In December 2008, Aergo Capital acquired Safair, a Johannesburg-based aircraft leasing and maintenance business.

Aergo Leasing was incorporated in December 1999. According to a directors’ report for the year ended December 31st, 2008, its main activity is the leasing and maintenance of commercial aircraft. Its “largest lessee” had been Alitalia, the Italian airline which was placed into bankruptcy protection last August. All existing leases with the carrier were rejected by Alitalia’s administrator and as a result Aergo Leasing was unable to service its debt. It then surrendered aircraft to its lender in return for being released from any claims which the lender held over the company.

It was since reported that Aergo Capital took a $15 million (€10 million) hit on the lease arrangement with Alitalia.

Aergo Omega Leasing was incorporated in 2006. According to the latest directors’ report, the company ceased trading in August 2009.