No Sunday Tribune for four weeks

Wednesday 02 February 2011 21.58
Sunday Tribune - INM no longer providing loans
Sunday Tribune - INM no longer providing loans

The Sunday Tribune will not be published for four weeks as a receiver appointed to the company yesterday seeks new investment to save the newspaper from closure.

In a statement published on its website, the company announced that the receiver, Jim Luby of accounting firm McStay Luby, has decided to defer publication during the sale process.

Independent News and Media, which owns a 29.9% stake in the Tribune and has been supporting the loss making Sunday title, yesterday announced it would no longer provide loans to the newspaper.

INM has advanced €40m to the Tribune since it first invested in the company in 1992.

The media group is to continue paying the newspaper's 43 staff for four weeks while the receiver tries to find a buyer for the company.