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Rte.ie (Irish National Broadcaster)
Finance problems halt EUjet flights
July 26, 2005 12:43
Flights operated by regional airline EUjet are reported to have been suspended, as its parent company faces financial difficulties. EUjet operates eight routes from Shannon and two from Dublin.
Shares in Planestation, which owns EUjet, were yesterday suspended in London after talks with its bank on further financial support broke down. The company said it had requested the suspension, pending clarification of its financial position.
Last month Planestation said passenger numbers at EUjet would fall below expectations and it would need more cash. Planestation, which owns Kent International Airport, had planned to fund the shortfall through asset sales. It had been in talks with its bank on additional financial support while the disposal of a 75% stake in Kent International Business Park was completed, but said today that talks in the last 48 hours had not been positive.