Examinership the best option to protect Transaero Engineering Ireland jobs – Breen

January 6th, 2015 - Pat Breen

“Clare T.D. and Chairman of the Oireachtas Committee on Foreign Affairs and Trade Pat Breen T.D. said today (Tuesday) that the appointment of an examiner is the best option for Transaero Engineering Ireland.

“Michael McAleer was appointed to Transaero Engineering Ireland by the High Court yesterday and in my view this is the best option to secure the future of the Shannon Facility. The Russian-owned aircraft maintenance company which acquired Air Atlanta in 2012 is a vital employer in the Shannon Region and an independent report has given the company a good prospect of survival”, Deputy Breen said.

Transaero Engineering Ireland is a vital employer in the Shannon area and it essential that every effort is made to protect the 234 highly qualified jobs, as well as those additional jobs which are provided through subcontracts from time to time.

While it is distressing to see Transaero Engineering Ireland in this position, and my thoughts are with the workers and their families for whom this is a very uncertain time, I am encouraged by the fact that the Company has entered Examiner ship. The examiner ship will facilitate a period of consultation with the Company, their creditors and more importantly with potential investors and it provides the best option to rescue the business.

Transaero has used Shannon as a base to conduct a lot of heavy maintenance work. However, the demise of its parent Company Transaero Airlines which recently received a three year, $164 million credit guarantee from the Russian Government, the Rouble currency crisis and falling oil prices, have contributed to Transaero Engineering Ireland coming under increased pressure.

Nevertheless the Company is an attractive proposition for potential investors. I understand that the Independent Report has given the company a reasonable prospect of survival and that they have work on their books for the next 12 months. They also have a dedicated and highly skilled work force and I expect that they will attract several expressions of interest.

The Shannon Region has a strong tradition in aviation activity with over 30 Aviation related businesses located and since coming to office the Government has introduced a number of budgetary measures to stimulate activity and support this sector.
Since hearing this news, I have been touch with the Management of the Company to offer my support as I have been in regular contact with them over the past few years on a number of issues. I have also brought the matter to the attention of the Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D.
This is an important business for the Shannon Region and for the 234 staff employed there and it essential that every effort is made to secure its future.
ENDS