Pilot college that stranded students in US 'has lost €5m in last 18 months'
Disgruntled trainees and their families are now due to meet with gardai tomorrow due to ongoing frustration that the struggling Waterford-based Pilot Training College (PTC) will not engage with them over financial concerns.
Trainees have paid as much as €85,000 each for 14-month pilot courses in Florida and still have no idea to what extent they will be out of pocket.
Yesterday, Mr Justice Brian McGovern at the High Court granted protection to PTC through the appointment of an interim examiner which will give it time to sort out its finances. The court was told it had a "reasonable prospect" of survival.
There are now three potential investors interested in the company, although it is understood that this would be at a "scaled-down" level.
Last night PTC said its High Court proceedings have been designed to include every single creditor -- particularly the pilots directly affected by the dispute -- but resolutely dismissed any suggestion that it was a criminal matter.
Some 34 Irish pilots were affected by the cancellation which came as a result of an ongoing dispute between PTC and its US partners, the Florida Institute of Technology, both of whom blame each other for the collapse.