Last minute plans to rescue Century Radio abandoned.
On 19 November 1991 Century Radio, the independent national radio station, went off air putting an end to two troubled years for the station. Capital Radio in London, one of its shareholders, had decided to pull out of a refinancing deal. Shareholder Oliver Barry had hoped the station still had a future and put forward a rescue package which was accepted by the Independent Radio and Television Commission. The package involved a restructuring of Century's debts and an additional investment of over a million pounds. However, at the last minute the deal was rejected by one of the existing shareholders.
Marty Whelan who had worked at Century Radio spoke to RTÉ News about the failed package.
I'm shocked at this news. Obviously it comes as a great blow. You're up and you're down like an emotional roundabout.
Walter Kilroy, a journalist at Century Radio, describes how this last minute block of the rescue package could cost the jobs of more than fifty people.
The IRTC say it is now likely that a notice of termination would be served on Century Radio and the licence would be re-advertised.
An RTÉ News report by Bob Powell broadcast on 30 November 1991.