'Irish Examiner' newspaper and related titles in receivership process
The Irish Examiner newspaper and a range of related titles and radio stations changed hands yesterday after the execution of a so-called pre-pack receivership process involving its parent company, Thomas Crosbie Holdings Ltd.
In a unique arrangement, a new entity called Landmark Media Investments Ltd, owned by Tom Crosbie and his father Ted, has acquired the Irish Examiner, the Evening Echo and five regional titles. The group is based in Cork.
It is also purchasing TCH’s digital and recruitment assets and shareholdings in several radio stations, subject to the Broadcasting Authority of Ireland’s approval.
The group’s only major title that was not part of the deal was the Sunday Business Post. It will seek High Court approval today to enter examinership. This would give the newspaper protection from its creditors for up to 100 days.
The receivership was requested by TCH and supported by Allied Irish Banks (AIB), the media group’s main lender. This move was taken to release the group from what are believed to be an onerous printing contract and certain property leases. The titles will now be printed by The Irish Times’s facility in Citywest, Co Dublin. Printing began last night.
The change of ownership secures the jobs of 554 staff but 12 employees of Thomas Crosbie Printers Ltd, a related entity, will lose their positions.
AIB said it had agreed to extend “significant additional refinancing facilities” to Landmark.