‘Business Post’ examiner to present report on rescue deal

An examiner will present his report on the rescue package for the Sunday Business Post newspaper to the High Court today.

A series of creditors meetings were held yesterday to consider the proposed sale of the newspaper for €2.75 million to investors led by media executive Paul Cooke.

In the Commercial Court earlier yesterday, Mr Justice Peter Kelly extended protection for Post Publications Ltd, owner of the Sunday Business Post, to the last day available to allow time for the examiner to finalise a report following the creditors meetings.

The creditors of the newspaper, understood to be owed some €2.5million, range from secured PRSI payments due to the Revenue Commissioners, which will be paid in full by Thomas Crosbie Holdings, who will receive no payment under the proposed scheme.

Rossa Fanning, for the examiner, Michael McAteer, told Mr Justice Kelly yesterday was day 99 of the examinership and creditors meetings were due to be finished before lunch time.

He said the examiner would then have to prepare a report for the court to consider following the outcome of those meetings.