Tailwind sees another departure

Tailwind, the company formed by Aer Lingus pilots in 2006 in an attempt to deflect the hostile bid from Ryanair has seen the departure of yet another director. Last month, three of the companies directors resigned, citing 'grave concerns' as to how the company was being run. Now it has emerged that one of the founding directors, David Coolican resigned last December. The Irish Independent reports that news of Mr. Coolican's departure was not advised to the Companies Registration Office until April of this year due to 'administrative issues'.

Tailwind has just completed the negotiation of a financial restructuring package with Bank of Scotland (Ireland) which will see the bank extend a new €10m loan to Tailwind which has seen the value of it's investment in Aer Lingus turn a paper loss of €20m in recent times. Reports have indicated that there have differences of opinion within Tailwind as to how the company should be run, a situation which won't have been helped by the Aer Lingus share price performance.

Posted 090409