BusinessCompany NewsZoom calls in PKF as administrators

Zoom calls in PKF as administrators

Canadian budget transatlantic airline Zoom has appointed PKF as administrators

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.’

Further reading:

Read
the WalesOnline.co.uk story

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