Emerald Airways now in administration!
Administrators appointed to Emerald Airways Limited
May 12 2006
Richard Fleming and Brian Green from KPMG Restructuring have been appointed Administrators to Emerald Airways Ltd and Emerald Airways Engineering Ltd.
Liverpool-based Emerald Airways Limited is an aviation group operating over 30 freight and passenger aircraft on scheduled and ad-hoc services throughout the UK and Europe. The firm, which employs approximately 200 employees, has an annual turnover of c£25 million.
Based at Blackpool Airport, Emerald Airways Engineering Ltd (EAEL) is a wholly owned subsidiary of Emerald Airways and is primarily responsible for the maintenance, repair and refurbishment of passenger and freight aircraft.
On 4 May 2006, Emerald Airways Ltd had its Air Operators Certificate (AOC) provisionally suspended by the Civil Aviation Authority. As a result of its fleet being grounded, the firm has been unable to generate sufficient money to cover its outgoings and has consequently been placed into administration.
Richard Fleming, Joint Administrator at KPMG Restructuring, said: “At present, we are evaluating the options for the business with a view to selling it as a going concern. However, in order to achieve a sale, it is imperative that the AOC suspension is lifted, so we will be working with the Civil Aviation Authority over the coming days to achieve this.”
He added, “We would urge any parties who are interested in acquiring the business to contact us as soon as possible.”