You got there just before me....
Here is the statement from their website
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JETMAGIC SUSPENDS
OPERATIONS
Cork based regional airline, Jetmagic, announced the suspension of its operations with immediate effect this evening (Wednesday, January 28, 2004). On the recommendation of the Board of Directors, flight operations have been suspended and an Extraordinary General Meeting of shareholders will be convened to consider winding up the company.
In a statement Jetmagic said it was a matter of deep regret for shareholders, directors, employees and supporters of the project that despite wide acclaim, Jetmagic had not proved to be a viable operation. Expected passenger demand did not materialise, especially in terms of business travel. In the case of a number of routes – including Brussels, Rome and Milan - the company had already announced that they had been, or would be, discontinued. The decision by competitors to introduce flights to some of Jetmagic’s most successful destinations had also impacted on the company’s business forecast for 2004.
The company enjoyed high passenger loads on a number of routes – particularly those to ‘holiday’ destinations, including Alicante, Barcelona, Nice, Nantes and Milan. However, there were very disappointing bookings on business routes - Brussels, London City, Edinburgh, Liverpool and Paris - with only Belfast City achieving satisfactory levels.
Jetmagic’s shareholders invested some €10 million in the airline which started operations from Cork last spring, including investments made by existing shareholders In the past month. There were a number of expressions of interest from third parties, based on a revised three year operating plan. However the short term financial requirements of keeping the business going proved insurmountable, the statement said, and the Board had no other option but to suspend operations.
The appropriate Authorities have been informed of the position and their assistance sought in the matter of an orderly wind-down with minimal impact on the airline’s customers. A formal meeting of creditors is being arranged.
Passengers booked to travel with Jetmagic are advised to make their own alternative arrangements with other airlines. Those who have paid for their Jetmagic flights by credit card should contact the card issuer who should arrange for a refund. Passengers who have taken out travel insurance should contact their insurer. If they have paid by a means other than by credit card and they have not taken out travel insurance then they should send any claims to
Jetmagic
Refunds Department
5100 Airport Business Park,
Cork,
Ireland.
A special free phone number has been set up to provide information and advice - the number to call is 1800 301060 within the Republic of Ireland, and +353-21-4518915 from outside the Republic of Ireland. These numbers will be operational from 7am on the 29th January 2004.
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