Saturday 24 March 2018

Creditors meeting today at 'Sunday Business Post'

THE publisher of the 'Sunday Business Post' will hold seven creditors meetings in Dublin today to seek support from parties owed €2.5m for a rescue deal that will see most of them lose money.

The plan will see the newspaper sold to investors led by media executive Paul Cooke for €2,750,000.

Creditors of the newspaper range from super secured PRSI payments due to the Revenue Commissioner, which will be paid in full, to the former owners Thomas Crosbie Holdings, which will receive no payout.

Examiner Michael McAteer needs the scheme to be backed by a majority of at least one class of impaired creditors.

Irish Independent

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