Investors attracted to Waterford pilot firm
Four groups have expressed an interest in investing in the Pilot Training College of Ireland (PTCI), the Waterford firm at the centre of the recent controversy over its students being stranded in Florida. Headed up by Longford man Mike Edgeworth, PTCI was recently successful in seeking bankruptcy protection from its creditors, and a court-appointed examiner is now attempting to devise a financial rescue plan for the business.
According to an independent accountant’s report, the company owes almost €10 million, but has assets of just €2.6 million. Four potential investors, including a number of international companies, have lodged letters of intent signalling their interest in PTCI.
The examiner, Grant Thorton accountant Michael McAteer, has 100 days to structure the company and negotiate deals with creditors, banks and the prospective investors.
Mike Edgeworth is a former resident of Moatefarrell, Edgeworthstown. He launched PTCI shortly after the Twin Tower attacks (9/11). The company is now in dispute with its Florida partner, FITA. The latter have issued legal proceedings against the Irish firm.
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