Wednesday, February 13 08:18:01
The High Court has confirmed an examiner to B and Q Ireland Ltd, which operates nine home improvement stores employing 690 people, of whom 500 are part-time workers.
As part of further cost-cutting proposals, the company's two stores in Athlone and Waterford would close with the "regrettable" loss of 92 jobs, Mr Justice Peter Kelly noted.
A key ingredient for the survival of some of the company's other stores includes renegotiation of what he described as "extraordinary" rents. The rent roll for the nine stores is E11.6 million a year, some E5.8 million above market rates, the court heard. The Irish Times
Ryanair will appeal any decision by the European Commission to prohibit its takeover of Aer Lingus, the airline said yesterday, as it confirmed that European regulators had indicated they plan to block the deal.
Discussions between Ryanair and the European Commission had been intensifying in recent weeks, with a final decision due before March 6th.
However, Ryanair said yesterday that it had been told by the Commission of its intention to prohibit the deal.
"It appears clear from this morning's meeting, that no matter what remedies Ryanair offered, we were not going to get a fair hearing and were going to be prohibited regardless of competition rules," a Ryanair spokesman said yesterday. The Irish Times
Former property magnate Sean Dunne will consider filing for bankruptcy in the US, where he now lives, after Ulster Bank's successful initiation of proceedings against him in the High Court in Dublin.
It is understood that Mr Dunne is contemplating a voluntary application in the courts in Connecticut to circumvent the UK-owned bank. If he proceeds, the Co Carlow businessman would follow a similar route taken by former Anglo Irish Bank chief executive David Drumm, who filed for bankruptcy in Massachusetts in 2010, avoiding proceedings taken by Anglo in this State, where the regime is more onerous than in the US.
Mr Dunne owes E164 million to Ulster Bank arising from the financial support provided by the lender for the purchase of the Jurys Hotel site in Ballsbridge, which was rejected by An Bord Pleanala The Irish Times
Davy Stockbrokers has said the deal swapping the promissory notes with long-term government bonds would save E800m a year in interest on average between now and 2030.
The broker said it was a "significant reduction" in interest costs but claimed it would not dramatically change the budgetary arithmetic.
And it predicted that despite the savings, the Government would stick with its planned budgetary cuts over the next two years.
"So there will be little impact on our forecasts for the Irish economy," Davy chief economist Conall MacCoille said.
"With the growth outlook uncertain, and the Government locked in negotiations to secure savings on overshooting current expenditure, there is little room for manoeuvre."
Taoiseach Enda Kenny has said that the deal would mean Ireland would have to borrow E20bn less over the next 10 years. The Irish Independent