- The High Court has approved a capital reduction of €310m for AirNav Ireland.
- AirNav has pledged not to use the €310m to pay dividends to the Exchequer.
- The funds correspond to assets transferred from the Irish Aviation Authority in 2023.
- AirNav currently employs 324 air traffic controllers.
- The company plans to train 76 student controllers this year and reach 364 by the end of 2029.
AirNav Ireland has received High Court approval to free up €310m on its balance sheet through a capital reduction. The semi-state company that manages Ireland’s airspace has confirmed the move will reclassify share premium reserves as profit and loss reserves. AirNav has pledged that none of the €310m will be used to pay a dividend to the Exchequer.
The €310m corresponds to the exact amount of assets transferred to AirNav from the Irish Aviation Authority when the company was created in 2023. AirNav revealed the capital reduction plan last month but later assured union representatives that the funds would not support dividend payments to the Government. Trade union Fórsa has re-entered a dispute resolution process with the company over staffing and overtime issues.
AirNav currently employs 324 air traffic controllers compared with 300 at the end of 2023. The company plans to increase the number to 364 by the end of 2029 and expects to train 76 student controllers this year. Shortages have already led to impromptu runway closures and restrictions at Ireland’s main airports.
AirNav shared in a written statement “It is intended that the company’s capital, in the form of the share premium account, will be reduced by €310m, creating distributable reserves that will enable future dividends to be paid.”
