New investor prepared to take Aer Arann stake

An investor, whose interest has not been previously disclosed, is prepared to take a stake in Aer Arann if the scheme designed to ensure the airline's survival is approved, the High Court heard today.

Previously the court heard that as part of a survival plan for the airline, which employs more than 300 people, some €3.5m from a group comprising UK transport company Stobart and Galway businessman Pádraig Ó’Céidigh, the airline's owner, is to be invested in the company.