Restructuring

at

90293278Sunday_Business_Post_MastheadIt’s a euphemism.

Like, say, ‘Cork merchant prince’.

From Thomas Crosbie Holdings:

Landmark Media Investments is a holding company established and owned by Tom Crosbie, supported by his father Ted Crosbie.

As part of the re-structuring, the Sunday Business Post, will apply to the High Court for the appointment of an examiner.

Thomas Crosbie Printers is applying to the High Court for the appointment of a liquidator to the Company which is insolvent and cannot continue trading.

The 554 people employed in the operations to be acquired will transfer to Landmark Media Investments under existing employment terms and conditions and, where appropriate, in accordance with Transfer of Undertakings legislation.

The Sunday Business Post, which employs 76 people, will continue to trade under the protection of the High Court and with the input of the interim examiner, if appointed. The examiner, if appointed, will formulate a scheme of arrangement to ensure the future viability of the newspaper.

The liquidation of TCP will regrettably result in the loss of up to 12 jobs.

The financial re-structuring, which has been carried out with the support of the group’s banker, AIB, can be summarised as follows:

A receiver, Kieran Wallace of KPMG was appointed this morning to TCH and other group companies.

The Irish Examiner, Evening Echo, Waterford News & Star and the Wexford Echo have been purchased by Landmark Media Investments Ltd.

In addition, TCM, the digital and new media business and Recruit Ireland, the recruitment business have been acquired by Landmark Media Investments Ltd.

The Nationalist series, Western People and Roscommon Herald have been purchased by Landmark Media Investments through share sales.

Landmark Media Investments intends to purchase the radio shareholdings of TCH including WLR, Beat 102FM and Red FM, subject to BAI approval.

All titles and businesses acquired by Landmark Media Investments will continue to trade under their current trade names.

All print titles will continue to publish as normal and all radio stations will continue to broadcast as normal.

The Sunday Business Post, will apply to the High Court for the appointment of an Examiner, including the appointment of an Examiner on an interim basis. TCP is applying to the court for the appointment of a Liquidator and the company has ceased trading.

As a consequence of TCP ceasing to trade and presenting a winding-up petition, the former TCH titles will no longer be printed by Webprint Concepts Limited.

Part of a statement issued by Thomas Crosbie Holdings today.

Did you see what they did there?

The old reverse langer.

Respect.

TCH Group In Financial Restructuring (BusinessPost.ie)

Receiver appointed to publisher of Irish Examiner as part of restructuring (RTÉ)

(Mark Stedman/Photocall Ireland)

Sponsored Link
Sponsored Link
Broadsheet.ie