Transaero rescue deal set to save 230 jobs

More than 230 jobs are poised to be rescued at Transaero Engineering Ireland (TEI), after workers at the cash-strapped aircraft maintenance firm in Shannon agreed to significant changes in work practices and the closure of the staff pension scheme.

Creditors have also backed the rescue deal, which will see unsecured creditors take a 95 per cent hit on their debts. The proposals, drafted by a court-appointed examiner, will be put before the High Court next month for formal ratification.

Under the deal, Patrick Jordan, a former senior executive with business support services firm Siteserv, will invest up to €2.5 million through a combination of cash and working capital and will take full ...