Senior Counsel Bernard Dunleavy was speaking at a hearing before High Court President Mr Justice Nicholas Kearns.
He said that from the very outset the goal the administrators had assigned for themselves was to return the company to a sound commercial footing.
Mr Dunleavy confirmed that there would be 100 fewer redundancies at the company than had originally been anticipated.
He said redundancies so far had been on an agreed basis with employee representatives.
The matter was before the court as part of the ongoing process of administration.
The company was put into administration earlier this year.
