Scheme to pay back JetMagic creditors

SOME former shareholders in JetMagic, which owed €3.5 million when it collapsed, have put an undisclosed sum of their personal money into the group in an effort to part-compensate creditors.

Unsecured creditors stood to get nothing if the company was liquidated. But some concerned shareholders have devised a scheme to partly compensate JetMagic suppliers, badly stung when the company announced the sudden closure of the business last January.

Investors lost €11m on the venture. Despite this heavy investment loss, some shareholders have dug deep into their own pockets to put together some form of compensation for creditors.