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THE HIGH COURT has approved the appointment of an interim examiner to the company behind the Sunday Business Post newspaper.
Michael McAteer of Grant Thornton has been tasked with finding a viable business plan for Post Publications Ltd, the company behind the weekly publication.
The moves follow the entry into receivership yesterday of Thomas Crosbie Holdings (TCH) Ltd, the ultimate parent company behind the newspaper.
Justice Peter Kelly was told that the newspaper has 76 full-time employees, and 123 freelance contributors and has made a loss of €1.2 million in the year to 2013 having been loss-making since 2009.
In making the appointment the judge said that it was “desirable and even necessary” that the interim examiner be appointed to ensure that the paper was published this coming Sunday with arrangements being made for printing facilities to be availed of.
This follows the liquidation of Thomas Crosbie Printers – with the loss of 12 jobs – as part of the complex receivership arrangement under taken by TCH yesterday.
The court was told that the Post Publications Ltd’s annual revenue had fallen by over half – from €15.3 million to €7.3 million – in the last five years, while circulation revenue had dropped from €4.9 million to €3.6 million in the same period.
The Sunday Business Post has a readership of 140,000 per week and accounts for 10 per cent of the Sunday broadsheet market, the court heard.
Post Publications Ltd was said to be undertaking a ‘root and branch’ effort to reduce its costs, of which payroll constitutes 47 per cent.
It heard that company management had been seeking to impose pay cut of 7 per cent and had been negotiating with its staff to try and achieve this.
The company has also fallen into arrears on the rent of its premises on Harcourt Street in Dublin, on which it currently pays 50 per cent of annual rent of €400,000. Efforts to reduce this cost have so far been unsuccessful.
Winding up the company would result in a deficiency to creditors of €6.508 million whereas if the company remained operating as an ongoing concern there would be a deficiency of €638,000, the court heard.
The company’s two biggest secured creditors are the Revenue Commissioners – though the court heard it has no historic tax liability – and Allied Irish Banks (AIB). Its largest unsecured creditor is its landlord for the Harcourt Street premises.
The appointment of an interim examiner means the company is afforded court protection and cannot be subject to a winding-up order from its creditors.
The case is due before the court again on Friday, 15 March.
The entry into receivership of Thomas Crosbie Holdings Ltd prompted a management-led buyout of the Irish Examiner, the group’s other major national title, along with its local newspapers and radio stations.
The acquisition by Landmark Media Investments Ltd, run by Tom Crosbie and his father Ted – the fifth and fourth generations of the Crosbie family to be involved in the Examiner group respectively – safeguarded 554 jobs at those papers and radio stations.
Additional reporting by Gavan Reilly
If Tokyo shot down a drone, which is basically a peice of machinery, I cant see how it could be deemed an act of war, especially when no citizen of China was harmed in any way. Its like if I left my ride on lawn mower out side and my neighbour blew it up, I’d say ah Fred, for fu*ks sake, what are you like. But if Fred tried to blow up my mower while I was on it, then I’d jump fence armed with the rose pruner and turn baritone Fred into a soprano.
Think you need to move house mate, that Fred chap sounds a right bollix.
Ireland should start developing drones through our technology colleges. We’ve got great aeronautical and computer expertise. We could develop valuable intellectual property for export.
I’d rather we didn’t get involved in an industry that espouses extra-judicial killings.
It’s unlikely, in China’s case anyway, that their plan is to use these things for weather, mapping etc.
They are made to kill at a distance, asymmetrical warfare at its most obvious. We don’t need to get involved. It’s dirty. Just because we CAN do something, doesn’t mean we should.
We don’t need to use our colleges to develop drone technology. That’s what we have politics for. Strap wings on ‘em and point them straight up…
No wonder this country will never get anyplace with those sort of attitudes.
Drones are used in certain places to deliver goods to remote areas inaccessible by land. Others are used for research purposes or to aid in search and rescue operations. A drone is not exclusively a weapon of war.
By the start of 2014 ireland will have a debt of approximately 205billion. If you want a future for your kids, we should explore every possible avenue that will excell our growth. If our skill set is building drones, then lets builld them and create thousands of high paid jobs for graduates. With a 205billion debts, its very simple, beggers cant be choosers!
Drone, drone, drone, drone, it’s all so depressing.
On a brighter note it’s Friday and accoring to statistics lots of people are having sex right now.
I’m done!
Might do it again later.
Your hand doesn’t count Jim
I feel safer already.
Excellent drone work.
Like most chinese made things the batteries will wear out after a few hours and the thing will have fallen apart within a month.
God be with the days when all you had to do was call the A team….
Drone on truck in main picture is wrong one, wings are straight… not delta shaped as the article (or indeed the BBC article) points out
It’s 2013, the wings orientation shouldn’t an issue.
What’s even more amusing about the picture is the truck in camouflage green with the very discreet white-wall tyres. Sure, nobody would notice those out in the countryside…..
They are parade trucks,not actual combat vechicles.
The big question of course is where will this end ? . So soon we can see China taking out dissidents in London or New York ? Iran taking out dissidents in Istanbul ? Or for example in former times The British Government liquidating suspects in Dublin or Dundalk ? With the risk of (Some) collateral damage ? Under which international law will drone attacks operate ?
Padric. You might want to look closer to home. Tibetan dissidents in Napal.
I hardly think the Chinese will be sending columns of flying drones over the skies of London or New York to bomb dissidents especially when a poisoned umbrella or concrete shoes will do the trick just as easily. It’s worked quite well for the Russians
@ Mick : I exaggerate a little about London and New York of course, but there must be a provision for this “relatively new phenomenon” written into the Geneva Convention, or some such international law which forbids the use of drone strikes across national borders aimed at extra-judicial killings. Otherwise this will get completely out of hand.
In Cantonese it’s called Hu Flung Dung.
Does the drone pictured mounted on the truck seem a bit small?
Both the Predator & Reaper drones seem much larger.
I wonder what ordnance it could carry & its range doing so?
I doubt it could reach Japan…… probably scares the sh*t out of Taiwan though.
Drones wouldn’t scare any modern force really. They’re big, slow targets with practically no ability for evasive manoeuvres past a few basic programmed moves and very little in the way of countermeasures. Iran also showed that anyone with even a basic understanding of the technology can essentially shut down a drone.
They’re useful for observing an area with absolutely no air defences and can be of limited combat value. Anything more and you really need to call in a manned, supersonic jet with much more ordnance and countermeasures. Something which almost everyone has at this stage.
I’m a bit skeptical about Iran’s ability to bring down that drone. It’s speculated that it could have been a modern Trojan horse, used to deliver targeted malware. We know the US have targeted Iran with malware before; Stuxnet.
Jason is right Barry.
Predators for example are propellor driven, and travel around 400mph at best.
A 1970s jet or any half decent SAM site can pick them off easily enough.
The MiG fighters employed by Iran are more than a match for any drone currently in service.
You must not know of the incident in question, Ricky. Iran claimed they hacked the drone while in flight and commanded it to land. It was undamaged and they said they plan to reverse engineer it. They did not shoot it down.
I heard of the incident,….. i assumed it was just downed by an iranian missile.
China is a bit behind these other boys “Senior analyst Gen. McInerney warns that US is in comparable danger to pre-WWII period, specifically from Russian and Iranian hegemonies.”
Next they be thinking for themselves
Our experts busies in inventing drones an other war high tech technology but how about this Doomsday Debate: Asteroid Threat Could Divide Society. If our God permit this such as the 1979 vn that have an absolute magnitude of 13.2 and the rolling of the moon will come up all the things that we have in this planet will erases that we may pull back in the old days that uses horse and sword that only only came face to face during war. And no civilian casualties.
have your say