A non-trading Irish-registered company, which holds an air certificate to operate flights between Moscow and New York through Shannon Airport, has sought the protection of the High Court pending attempts to resurrect the company's operations.
Mr Justice Peter Kelly fixed July 25th for the hearing of a petition to have an examiner appointed to Skynet Airlines Ltd, which carried on business at Shannon airport from June 2002 to April 2004, when it ceased trading due to financial difficulties. Creditors are owed €5.6 million, and assets are said to be negligible.
The judge directed that notice of the petition be given to the Revenue Commissioners, Bank of Ireland, Irish Aviation Authority, Aer Rianta, the Commissioner for Aviation Regulation and Euro Control in Brussels. He also said the petition should be advertised in two national newspapers next Monday. The petition is brought by Igor Katalevskiy, a Moscow businessman, and Dateline Overseas Ltd, a Cypriot-based company, which together hold over 10 per cent of the paid-up capital of Skynet.
Brian Kennedy, for the petitioners, said the petition had been presented yesterday. He was not seeking the appointment of an interim examiner.
Ireland had an international travel agreement with the Russian Federation, and Skynet was the only Irish company with the right to fly between Ireland and the Russian Federation. It was a non-transferable right, and if Skynet was wound up this would terminate the licence.
The petitioners hoped it would be possible to put in place a successful scheme of arrangement and within four months to have the air-flight certificate restored and resume operating flights on the Shannon transatlantic hub with Moscow and the US.
Mr Kennedy said Skynet had been operating flights for almost two years. It had an initial business plan to operate a series of routes. For various reasons the company failed, primarily due to lack of working capital. It had also flown other routes, which did not work out successfully. The company's one remaining aircraft was seized in May 2004, following which the company ceased trading.
Mr Justice Kelly, giving directions, said that if the company was put into liquidation, it had no monies to pay its creditors.