Wednesday 29 January 2020

Cappoquin deal to be hatched in days after offer rejected

Colm Kelpie and Paul Melia

AN offer for Co Waterford Cappoquin Poultry was dismissed this week by the examiner but an announcement on the company's future is believed to be imminent.

Although there are no specific details on the nature of the offer, it is believed it was not deemed to have been significant or compliant with the rules required under the examinership process.

The Irish Independent understands that negotiations are ongoing with one interested party, with an announcement expected next week.

An interim examiner was appointed by the High Court to the poultry firm employing 130 people in August.

In excess of 10 expressions of interest emerged for the company, although it is understood that this number had been whittled down to two by last weekend.

Mr Justice George Birmingham appointed Michael McAteer of Grant Thornton to both Cappoquin Poultry Ltd (CPL) and to a related company, Cappoquin Poultry Holdings Ltd, in August after being informed the business has debts of €6m.

Cappoquin Poultry's largest unsecured creditor, Henry Good Ltd, which was owed €3.9m at the time of the court appointment for supplying chicken feed to the company, petitioned the court for Mr McAteer's appointment on grounds, including that CPL is insolvent and to prevent the chicken processor's assets from being stripped.

A UK businessman, who did not wish to be named, is understood to have been willing to buy the business, claiming 90pc of the jobs could be secured, but it is believed he was not willing to take on the company's debts. His offer was understood to have been rejected earlier in the week.

Irish Independent

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