Wednesday, March 06 17:32:23
The Irish Examiner and a number of regional print titles and radio stations are to be bought by Thomas Crosbie's holding company, Landmark Media Investments Ltd.
This is to be done through a financial restructuring of Thomas Crosbie Holdings Limited after a Receiver was appointed.
The re-structuring and consequent acquisition provides a stable platform from which to build a sustainable business and helps sustain employment into the future, the new owners said today.
Landmark Media Investments Ltd. is a holding company established and owned by Tom Crosbie, supported by his father Ted Crosbie.
As part of the re-structuring, the Sunday Business Post will apply to the High Court for the appointment of an Examiner to the Company.
Thomas Crosbie Printers Limited (TCP) is applying to the High Court for the appointment of a Liquidator to the Company which is insolvent and cannot continue trading.
The 554 people employed in the operations to be acquired will transfer to Landmark and the Sunday Business Post, which employs 76 people, will continue to trade under the protection of the High Court and with the input of the Interim Examiner, if appointed.
The Examiner, if appointed, will formulate a scheme of arrangement to ensure the future viability of the newspaper. The Liquidation of TCP will regrettably result in the loss of up to 12 jobs, the statement said.
The financial re-structuring, which has been carried out with the support of the Group's banker, AIB.
A Receiver, Kieran Wallace of KPMG, was appointed this morning to TCH and other Group companies.
The Irish Examiner, Evening Echo, Waterford News and Star and the Wexford Echo have been purchased by Landmark Media Investments Ltd.
In addition, TCM, the digital and new media business and Recruit Ireland, the recruitment business have been acquired by Landmark.
The Nationalist series, Western People and Roscommon Herald have been purchased by Landmark through share sales.
Landmark said it. intends to purchase the radio shareholdings of TCH including WLR, Beat 102FM and Red FM, subject to BAI approval.
All titles and businesses acquired by Landmark will continue to trade under their current trade names and all print titles will continue to publish as normal and all radio stations will continue to broadcast as normal, it said.
Landmark Media Investments Ltd. will be managed by Tom Murphy, CEO together with other members of the former management team.
Tom Murphy said: "Following a prolonged period of uncertainty, today's developments represent an important opportunity for the Irish Examiner and associated titles and media to make a fresh start and that is very welcome news. In a challenging environment, this re-structuring and consequent acquisition provides a stable platform from which to build a sustainable business. I look forward to working closely with the management and staff to review and improve operations to successfully achieve this aim. "I would like to thank all staff members for their support, commitment and especially for their patience in recent months."