Rescue for Aer Arann passed

THE High Court has approved a rescue plan for Aer Arann, allowing the airline to come out of examinership.

Ms Justice Mary Finlay Geoghegan approved the plan by examiner, Michael McAteer, on the basis that certain modifications are made to it. It has been approved by the majority of the airline's creditors.

The court also heard the Revenue Commissioner was prepared to drop its initial objections to the survival scheme. Under the modified proposals, Revenue will receive 22pc of what it is owed within 29 days, with the remaining 78pc to be paid within 18 months.

Mr McAteer had made submissions in response to "serious and significant concerns" expressed by the judge last week.