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09 Sep 2008
The Canadian budget transatlantic airline Zoom has called in PKF as administrators to assess its debts and assets after it collapsed on August 28 as 67 travellers on one of its jets waited to take off at Cardiff International Airport.
A PKF spokesman described the company’s chances of surviving administration as ‘slim’ and warned it was unlikely any funds would be available to pay creditors, including Cardiff International Airport, WalesOnline.co.uk reports.
‘It is clear even at this stage that at the heart of the airline’s difficulties was the very substantial increases it faced in the price of aviation fuel coupled with the deteriorating economic situation,’ said PKF senior partner Anne Buchanan.
'Although a re-financing package appeared imminent last week it could not be completed before the airline was overwhelmed by the demands of suppliers and creditors.’
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Briefings
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