Consortium reach agreement in principle to buy the Sunday Business Post
A consortium of Key Capital and newspaper executive Paul Cooke have reached agreement in principal to buy the Sunday Business Post newspaper out of examinership.
The offer is to buy the business for €750,000 which will be used to pay off company debt.
Under the terms now being finalised staff at the newspaper must agree to sacrifice previously agreed redundancy terms for any future jobs cuts. In exchange a 6pc stake in the newspaper will be handed to employees through an employee shareholder trust.
Staff have until later today to accept the plan.
While a number of issues remain outstanding the deal is expected to close this evening. The offer comes just ahead of a midnight tonight deadline that will see the newspaper collapse into liquidation if investment has not been secured.
The company behind the Sunday Business Post was put into Examinership after most of its parent group Thomas Crosbie Holdings went into Recievership in March.