Tailwind Pilot's group to address loan security

The Irish Independent reports that the pilot's group Tailwind Nominees which holds a 1.8% shareholding in Aer Lingus has been forced into discussions centered on security for the loans by the groups backers Bank of Scotland (Ireland).

In the aftermath of the Aer Lingus 2008 year results issued two weeks ago, the share price plunged 26% which puts Tailwind in the position of staring at a paper loss approaching €20m. The discussions with BoS are understood to centre on security for the loans which are secured on the shares themselves and the pilot's salaries.

Tailwind Nominees was formed as an investment vehicle for Aer Lingus pilots during the first Ryanair attempted takeover in 2006. The group bought over 6.14m aer Lingus shares at €2.90 per share.  At close of business today the shares were trading at €0.60.