Sunday Business Post owner gets more time to find investor

Wednesday 15 May 2013 16.34
Post Publications' examiner has found €1.8m in cost savings
Post Publications' examiner has found €1.8m in cost savings

The examiner of Post Publications - the owner of the Sunday Business Post - has been granted a 30 day extension in the High Court today to try to find an investor for the company.

The High Court appointed Michael McAteer of Grant Thornton as examiner to the company in March to try to save the company by restructuring costs and finding fresh investment.

Today the High Court heard the examiner had identified cost-savings of around €1.8m.

These savings are made up of nine voluntary redundancies, wage reductions for other staff and a reduction in rent, printing and distribution costs.

The High Court was told that these cost savings will be in place by May 24.

The examiner then expects to initiate investment agreements in the week beginning May 27, however the examiner did not express any view about the likelihood of investors coming forward.

Mr Justice Peter Kelly granted the extension of an extra 30 days but said he expected the examiner to return to court immediately if no investor was forthcoming.