gyrohead
6th Nov 2001, 22:41
Make of it what you will lest there be any mud slinging but the following piece is a little on the sad side: :(
Bare walls at Aer Lingus as art sale stems losses
By Sophie Barker (Filed: 06/11/2001)
AER Lingus is to sell 25 paintings from its extensive art collection in a bid by the ailing Irish state airline to raise IR£500,000 (£390,625) and help stem its IR£2m-a-day losses.
The works of art, only two of which are currently hanging in Aer Lingus's offices, include a painting by one of Ireland's best-known artists, Jack B Yeats - the brother of the more famous poet.
"By Merrion Strand" is expected to fetch between IR£250,000 and IR£300,000. Its disposal is part of a wider refinancing that will see Aer Lingus sell its travel shops and offices in London, Dublin, Belfast, Limerick and Dun Laoghaire. The airline is also selling two aeroplanes to pay for the IR£40m cost of more than 2,000 redundancies.
A company spokesman declined to say how much the total programme will raise, although it is likely to be a fraction of the cash needed to stave off insolvency. A further chunk of money, thought to be less than IR£100m, will be raised when the Irish government sells a 35pc stake in the airline.
Aer Lingus derived almost two-thirds of its profits from transatlantic routes before September 11. Analysts have estimated the group will need IR£200m just to fund its redundancies and working capital shortfall.
One observer admitted that "IR£500,000 is nothing in relation to what Aer Lingus needs, but this isn't a collection built with love and care over the years . . . this is a gesture to the staff".
Bare walls at Aer Lingus as art sale stems losses
By Sophie Barker (Filed: 06/11/2001)
AER Lingus is to sell 25 paintings from its extensive art collection in a bid by the ailing Irish state airline to raise IR£500,000 (£390,625) and help stem its IR£2m-a-day losses.
The works of art, only two of which are currently hanging in Aer Lingus's offices, include a painting by one of Ireland's best-known artists, Jack B Yeats - the brother of the more famous poet.
"By Merrion Strand" is expected to fetch between IR£250,000 and IR£300,000. Its disposal is part of a wider refinancing that will see Aer Lingus sell its travel shops and offices in London, Dublin, Belfast, Limerick and Dun Laoghaire. The airline is also selling two aeroplanes to pay for the IR£40m cost of more than 2,000 redundancies.
A company spokesman declined to say how much the total programme will raise, although it is likely to be a fraction of the cash needed to stave off insolvency. A further chunk of money, thought to be less than IR£100m, will be raised when the Irish government sells a 35pc stake in the airline.
Aer Lingus derived almost two-thirds of its profits from transatlantic routes before September 11. Analysts have estimated the group will need IR£200m just to fund its redundancies and working capital shortfall.
One observer admitted that "IR£500,000 is nothing in relation to what Aer Lingus needs, but this isn't a collection built with love and care over the years . . . this is a gesture to the staff".