Independent Newspapers will be one of just three creditors which will get monies from the winding-up of Irish Press Newspapers (IPN), which went into liquidation over two years ago with debts of almost £20 million.
Around £1.4 million will be shared among Ingersoll Irish Publications, a US company which invested more than £5 million in the newspapers, Independent Newspapers, and Irish Press Newspapers (IPN). IPN was the operating company for the newspapers. Irish Press plc is the holding company. Independent Newspapers had a secured loan of £1 million in IPN. Independent's investment in Irish Press was criticised by the Competition Authority, which said it was an abuse of a dominant position.
Irish Press Newspapers will also recoup some of its losses as will Ingersoll.
Unsecured creditors will get nothing. It is understood that there are 1,600 creditors. Around 1,100 of these comprise trade creditors; the remainder are employees. The liquidator is Craig Gardner Price Waterhouse.
However, a receiver was also appointed to the company. He is Mr Ray Jackson of KPMG and he retained control of the floating assets and is dealing with the claims of preferential creditors.
IPN's three properties at Burgh Quay, Poolbeg Street and Sheriff Street were the subject of charges in favour of Ingersoll Irish Publications, Independent Newspapers and Irish Press Newspapers.
The properties were offered for sale by tender and realised £1,689,000. The charge holders were owed £2.7 million.
The creditors' meeting will be held on November 25th in the Burlington Hotel, Dublin at 10.30 a.m.
