Wednesday 18 October 2017

Liquidator to seek buyer for Wexford Echo group, court told

The company, which is a member of the Landmark Media Group, also operates its own website. Photo: Stock Image
The company, which is a member of the Landmark Media Group, also operates its own website. Photo: Stock Image

Tim Healy

The High Court has appointed a provisional liquidator to the publisher of four weekly newspapers in Co Wexford.

The court was told that provisional liquidator Kieran Wallace will keep the 'Wexford Echo', 'Gorey Echo', 'New Ross Echo' and the 'Enniscorthy Echo' open in the hope a buyer can be found.

The four titles, which are owned by Wexford Echo Limited, employ 30.

Mr Wallace was appointed, and granted certain powers, yesterday by Mr Justice Paul Gilligan following an application by lawyers for the company.

The judge appointed Mr Wallace, an insolvency practioner with KPMG, after being informed the company is insolvent and unable to pay its debts.

The company, which is a member of the Landmark Media Group, also operates its own website. Its directors are Thomas Crosbie, Noel Wall, Daniel Francis Linehan, Thomas Joseph Murphy and Sean O'Keeffe.

Seeking the appointment, Garvan Corkery Bl, for the company, said a winding-up order was being sought due to the decline of newspaper sales and advertising globally and in Ireland.

The company had been loss making and at the end of May had net liabilities of €834,000, he said. It had been dependent on the continued financial support of affiliates in the Landmark Media Group to meet its liabilities.

In light of its trading difficulties, Landmark had decided not to support the company any longer.

As a result, shareholders passed a resolution that it be wound up and a provisional liquidator be appointed.

Mr Wallace, counsel said, would be able to preserve the saleability of the titles and could effect a rapid sale if demand emerges. Any suspension of the publications, even temporary, could prejudice any possible sale of the titles, counsel said.

Counsel added the company provides sub-editing and page production services for two other titles in the Landmark Group, 'The Waterford News and Star' and the 'Nationalist and Leinster Times'.

The provisional liquidator would ensure that those services could also continue in the interim.

Irish Independent

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