Court appoints examiner to SBP

The High Court has agreed to the appointment of an interim examiner to Post Publications Ltd, publisher of the Sunday Business Post newspaper.

Michael McAteer of Grant Thornton was appointed this morning by Justice Peter Kelly following an ex partie application by the company.

The company is insolvent and has sought the protection of the court from its creditors for the period of the examinership. The court was also told that 20 to 25 voluntary redundancies would be sought later this year. The newspaper employs 76 staff.

The judge said the appointment of an interim examiner was "desirable" and necessary for the company to be able to continue to publish.

If wound up, there would be a deficiency to creditors of €6.5 million.

This move follows the restructuring yesterday of the newspaper's parent company, Cork-based Thomas Crosbie Holdings.

That deal involved most of the assets of TCH, including The Irish Examiner daily newspaper, being sold to Landmark Media Investments Ltd, owned by Tom and Ted Crosbie.

The court was told that Post Publications owes money to AIB and the Revenue Commissioners.

It made a loss of €1.2m in the year to the end of January 2013. It also owes arrears of €598,000 in rent on the lease of its offices on Harcourt Street in Dublin.

This building is leased from Irish Life Assurance.