ONE of the key tenants in the Gardens International site has been given High Court approval to ensure it will continue to operate.
The Court has approved a scheme proposed from aircraft lessor Nordic Aviation Capital (NAC) which will see them enter into arrangements with their lenders.
Mr Justice David Burnsville approved the scheme last week, the company having been one of many which have faced difficulties as the Covid-19 pandemic wreaks havoc on the aviation industry.
The judge approved the scheme, which will allow the group to continue to operate after being told that over 90 per cent of its creditors are in agreement with the proposal.
The NAC group is the largest lessor of aircraft to regional airlines and the 5th largest aircraft lessor in the world employing over a 100 people at its Limerick headquarters and owns around 500 aircraft.
It was a major coup for Limerick when the company choose the iconic Gardens International and became one of the first internationally recognised businesses to set up there.
The Covid crisis has seen international air travel all but grind to a halt, with every airline experiencing a massive fall-off in seat bookings and most cancelling routes altogether for the last three months.
While the opening up process continues, some airlines have taken to the skies again, but in Ireland there is controversy about the self-isolation advice.
Leaders in the travel industry do not expect international travel to make a full recovery for some time.
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