The High Court in Dublin has approved a rescue plan for CityJet, enabling Danish investor Lars Thuesen to acquire a 92pc stake through his company JT3H with an investment of €3.2m.
Justice Michael Quinn approved the scheme despite objections from the airline’s sole shareholder, Strategic Alliance of Regional Airlines (SARA), which labelled the process a hostile takeover. CityJet entered examinership in May 2025 with €7.7m in cash against €13m in creditor claims, prompting examiners Kieran Wallace and Andrew O’Leary of Interpath Advisory to devise a €38m to €40m restructuring package that includes debt forgiveness and new funding to maintain operations.
The plan secures CityJet’s wet-leasing contracts with SAS and Lufthansa, preserving 122 jobs at its Dublin base. SARA, 80pc owned by Spanish firm Air Investment Valencia, argued the scheme undervalues future revenue and reduces its stake to eightpc without repayment for its €7.5m investment over three years.
Implementation awaits creditor approval, with SARA considering a Supreme Court appeal.
Kieran Wallace shared: “Without the plan, CityJet faced immediate wind-down.”
