On November 8, 2000, when USIT
announced its third quarter performance, it disclosed that not only was its third quarter financial results worse than the Company had pre-announced on September 20, 2000, but that the Company wrote-off $8.
A lot hangs on a hoped-for move by the Aer Lingus national airline to back a rescue bid being mounted for USIT
by top travel trade figure Gillian Bowler at the head of a group of investors.
STA moved in for USIT when the organisation - which has 21 outlets and 330 staff on both sides of the border - ran into difficulties some months ago after it bought the American company Council Travel just a few days before the September 11 terrorist attacks hit the United States.
STA is the world's biggest travel group, and is now set to own 82 per cent of USIT.
USIT, which has looked after the travel plans of hard-up students for decades, had a liquidator appointed by the High Court earlier this week after reportedly leaving creditors with debts running up to d20 million.
Now STA, with a possible takeover in mind, is looking for the protection of the courts - a move that would give city centre-based USIT a chance to put its affairs in order without the attention of creditors.
USIT was unfortunate in the timing of its purchase of US travel firm Council World last year just days ahead of the September 11 terror attacks.
USIT have 21 outlets on both sides of the border with a workforce of 330.
Mr Kearney, who is studying food science in University College Cork, said all the students had paid pounds 179 to USIT to represent them on the trip.
We don't blame Aer Lingus as there wasn't much they could do if the flight was grounded but USIT have been terrible.