Jetbird’s losses reached €11.4m
The Co Clare man established the company in 2008 with plans to offer cut-price point-to-point air travel to executives in Europe from 2010.
However, accounts filed by Jetbird (Europe) Ltd show the company had retained deficits of €11.4m at the end of December 2009.
The accounts disclose that “the company app-ointed Kavanagh Fennell on April 2010 to act as the wind-down manager to enable an orderly wind-down of the company in order that it can be put into a solvent liquidation”.
The figures show that Jetbird Europe received a further €3m from its parent, Jetbird Ltd, during 2009, bringing the total that Jetbird Europe Ltd received in non-interest bearing loans from the company to €5m.
The filings show that Jetbird Europe recorded a pre-tax loss of €7.1m in 2009, following on from a pre-tax loss in €4.2m in 2008.
A significant contributory factor to the 2009 losses was €3.1m in wind-down costs.
According to the directors’ report, during 2009 “due to delays in the launch date, it was decided that the activities of the company will cease and the company will be wound up post year end”.
In a separate venture since, Mr Slattery has led aircraft leasing firm Avolon to raise $4 billion (€4.6bn) in equity and debt and has a committed fleet of 88 aircraft, with 25 customers in 18 countries.
Speaking recently on the wind-up of Jetbird Europe, Mr Slattery said he spent four years on the project, from 2005 to 2008: “We tried out best. It failed in the context of the financial crisis, like hundreds of other companies.”
In March 2010, Jetbird cancelled its contract for 50 Phenom 100 light jets with Brazilian manufacturer Embraer.
The figures show that executives with the company received €447,500 in salary in 2009. The total salary for the 23 staff in 2009 came to €1m.
A note attached to the accounts states that the company ceased trading on May 31, 2010.
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