Belfast Telegraph

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Bust airline faces massive debt

Published 31/08/2008

Officials at the collapsed transatlantic budget airline, Zoom, have said its debts are likely to reach almost €31.5 million.

However, airline bosses rejected the rumours that Zoom owes up to three times this figure.

The UK and Canada-based firm grounded all flights last week as it prepared to go into liquidation, leaving thousands of passengers stranded.

It blamed its financial difficulties on a massive jump in fuel bills as a result of the high cost of oil.

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