Aircraft firm hit by crisis in Russia, judge told

An aircraft maintenance firm employing 235 workers at Shannon is unable to meet its debts because of the economic difficulties currently being experienced in Russia and by its Russian parent company, the High Court was told yesterday.

Mr Justice Bernard Barton appointed Grant Thornton chartered accountant Michael McAteer as interim examiner to Transaero Engineering Ireland (TEI), a globally approved maintenance, repair and aircraft overhaul company.

Barrister James Doherty told the court that Transaero Engineering Ireland, which had a turnover of €27m in 2010/11, was an Irish-registered company which had been generating relatively modest profit and had been taken over by Transaero Airlines in 2012.