Thomas Crosbie Holdings considering restructuring debt

Friday 13 July 2012 20.31
TCH suffered a pre-tax loss of €6.3m for the year ending January 2011
TCH suffered a pre-tax loss of €6.3m for the year ending January 2011

Thomas Crosbie Holdings, the media group which owns the Irish Examiner and Sunday Business Post, is considering restructuring its debt.

The company owes banks €28m and the group's biggest creditor is AIB.

AIB has hired KPMG to review the business, while Thomas Crosbie Holdings has engaged Grant Thornton.

It is understood securing the agreement with AIB, which is State owned, would be critical to any restructuring deal.

Thomas Crosbie Holding's CEO Tom Murphy did not return calls seeking comment.

Latest accounts for the company; for the year ending 2 January 2011, show it had total sales of €70.8m, down from €82.5m a year earlier.

The company suffered a pre-tax loss of €6.3m for the year ending January 2011.

The group is one of the country's largest media companies. Its newspapers include the Evening Echo, Western People, the Carlow Nationalist, Kildare Nationalist, Laois Nationalist and the Waterford News and Star.

It owns radio stations WLRFM, Beat 102, Red FM and Mid West Radio.