CREDITOR'S MEETING:A creditors' meeting has been called for Celtic Helicopters Ltd, the helicopter company controlled by Ciarán Haughey, son of the late former taoiseach, and John Barnicle.
According to the notice of the meeting, a liquidator will be appointed at the meeting, which will take place on August 7th at Bewleys Hotel Dublin Airport.
Latest accounts for Celtic Helicopters Limited, show that losses at the helicopter operator widened to €1.78 million in 2010, from €1.584 million the previous year.
The auditors’ report notes that the company is dependent, through Medeva Properties Limited, on the continued support of the Irish Banking Resolution Corporation (IBRC) and the support of other creditors, to continue in business.
“The directors are unable to determine if the company can continue if the IBRC support ceases,” the report states.
Celtic Helicopters reorganised its business in 2009, ceasing maintenance services and expanding the number of hangers it offered. Its 2009 accounts stated the directors envisaged that these changes would "secure the future viability of the company". – SUZANNE LYNCH