Company decision leaves pilot students €5.5m out of pocket

A company, whose investment was hoped would save the future of Waterford Pilot Training College, has decided not to go ahead with the investment, the High Court heard today.

Bernard Dunleavy, counsel for Michael McAteer who had been appointed Examiner in a bid to save the college as a going concern, applied to Mr Justice Paul Butler to lift the protection of the court, discharge the examiner and order the winding up of the company.