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Sunday Business Post in Examinership

Thursday, March 07 14:48:41

Michael McAteer of Grant Thornton has today been appointed as Interim Examiner to the Sunday Business Post by Mr Justice Peter Kelly.

The Interim Examiner is charged with ensuring the implementation of a successful restructuring, and is hopeful that an investor committed to the continued publication of the paper and employment of its staff can be found.

The newspaper will continue to be published as normal during this process.

The company is insolvent and has sought the protection of the court from its creditors for the period of the examinership. The court was also told that 20 to 25 voluntary redundancies would be sought later this year. The newspaper employs 76 staff.

The judge said the appointment of an interim examiner was "desirable" and necessary for the company to be able to continue to publish.

If wound up, there would be a deficiency to creditors of E6.5 million.

Today's developments follow the restructuring yesterday of the newspaper's parent company, Cork-based Thomas Crosbie Holdings.