Aer Arann has announced it is to exit examinership after the High Court approved a scheme of arrangement for the airline.
The company will be released from examinership next Wednesday and will remain under the protection of the court until that time.
"The approval of the scheme safeguards all 320 jobs in Aer Arann and more than 200 indirect jobs in regional airports throughout Ireland," a statement from Aer Arann said.
The scheme of arrangement followed an 11th-hour deal between the Revenue Commissioners and Stobart, a British transport and logistics group that proposes to inject €2.5 million into Aer Arann.
The Revenue Commissioners will now receive €436,000 that it is owed as a super-preferential creditor within 19 months. Previously, it was proposed that the Revenue would receive half this amount within 13 months, with the balance contingent on Aer Arann’s net profit in 2011 exceeding €2.4 million.
At one point, it seemed Ms Justice Finlay Geoghegan might adjourn the hearing or not approve the scheme after strong objections from the Revenue Commissioners regarding the manner of its treatment relative to other creditors.
A number of creditors are to be paid their debts in full outside the terms of the scheme. These include AIB, which is owed about €5.2 million, the Dublin Airport Authority, owed €1.9 million, and aircraft lessors.