Jetmagic prepares to be wound up

JETMAGIC is to be wound up after a search for fresh investors failed to secure an estimated €15 million required to re-start the company which ceased operations from its Cork base in January.

Cork Chamber of Commerce chief executive Michael Geary, who led a search for new investors, said that at this stage he believed there was no one out there willing to put Jetmagic planes back in the air.

The Irish Examiner understands that preparations are being made to wind up the company, which closed in late January with a deficit of close to €3.5m. More that €11m in equity had been invested in the company by mostly Cork-based shareholders.