Former airline workers hit severe turbulence as dozens of them hold Arena loan notes
Dozens of the loan-note holders in Arena Capital Partners are former Aer Lingus or aviation sector employees who stand to lose millions of euro after the business became insolvent and required the protection of the High Court. The former aviation employees, who are mainly aged between their 50s and 70s, invested their redundancy money or privately accumulated pensions from working at Aer Lingus or aviation-related companies like SR Technics. According to an independent accountant’s report by Nicholas O’Dwyer of Grant Thorton, loan-note holders can expect a return of 24c in the euro on their investment. In total, €112 million has been…
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