After steering CityJet through growth and crises, founder Pat Byrne has exited the airline he built — again. However, the entrepreneur has no intention of retiring.
In a hotly contested court hearing, the rescue package for the Irish airline was described as a "hostile takeover" by existing shareholder SARA. Its interests will now be wiped out in favour of Danish aviation investor Lars Thuesen.
The winding down of a Lufthansa contract is among the “financial and logistical difficulties” facing the airline, the court heard. It is the second time in five years CityJet has been granted court protection.
Having piloted CityJet through examinership, founder Pat Byrne believes the airline's model will benefit in a post-Covid recovery – but he is a scathing critic of the state's handling of Covid-19.
Irish airline CityJet was already suffering before the Covid-19 lockdown grounded its fleet – and the pandemic made a bad situation much worse. New documents reveal the company’s torrid trading performance and its plan for survival.
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