Gazette Group back in profit, court told
GAZETTE Group Newspapers, which publishes eight free newspapers throughout Co Dublin, is back in the business of making a profit, the High Court was told.
The company, which publishes the Swords, Malahide, Blanchardstown, Castleknock, Dundrum, Dun Laoghaire, Lucan and Clondalkin 'Gazettes', was put in examinership by the High Court three months ago when it was unable to pay its debts.
Barrister Ross Gorman told the court that examiner Neil Hughes, of chartered accountants Hughes Blake, had prepared a scheme of arrangement to take the business out of examinership and back on a profit-making footing.
He said the group had projected profits for 10 of the next 12 months following a deal with creditors and an injection of €180,000 from directors Michael McGovern, Landscape Road, Churchtown, Dublin, and Mary Leane, Grosvenor Park, Leinster Road, Rathmines, and new director Thomas Kelley, Olive Terrace, Houston, Texas.
Mr Gorman said the company had sought High Court protection from its creditors through examinership last June. The company's main creditors included Ulster Bank, MRT Cargo, the Revenue Commissioners and the 'Irish Times'.
The 'Irish Times', which was owed just under €100,000 for printing the 'Gazette' titles, was one of the biggest shareholders.
The court had heard that, under examinership, most of its main debts had been written down for small dividend payments.