Courts / Dublin / Report

Examiner confirmed for CityJet

Summary

The High Court confirmed Kieran Wallace of KPMG as examiner for CityJet DAC, giving him up to 100 days to draft a scheme of arrangement with creditors that, if approved, would allow the airline to survive. CityJet, which flies routes for SAS and Aer Lingus and employs 1,175 people, has become insolvent after its fleet of over 30 aircraft was grounded by the Covid‑19 outbreak, which also disrupted a planned merger and a private restructure. The judge noted the company's reasonable prospect of survival if certain steps are taken, citing an independent expert's report and the support of its main customer SAS. Revenue Commissioners were made a notice party, and the court heard that CityJet disputes a €23 million tax demand for 2016‑2018, which it has appealed to the Tax Appeals Commission. The airline's debts total €500 million, with a net deficit of €186 million on a going‑concern basis.

Who, what, where, when and why

What: Report matter: Examiner confirmed for CityJet. Procedural stage: hearing_or_decision

When:

• 2017 and 2018 Other
• 2018 and 2019 Other
• 2020-04-27 Publication

Why: In order to counter its difficulties, plans had been put in place with its creditors to restructure the business and merge with Spanish airline Air Nostrum. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report