Butlers can engineer a rescue scheme for jobs

MOST of the 130 jobs at the troubled Butlers Engineering plant in Portarlington could be saved, according to the receiver, Mr Ray Jackson.

Reporting strong interest from up to 18 potential bidders to buy the company as a going concern, Mr Jackson said yesterday he was "optimistic" that most of the staff will be able to return to work.

All 130 workers at the Co Laois Steel plant, which has debts of more than £24 million, were laid off on Monday. Mr Jackson, who is due to meet workers at the Portarlington plant today, said he was hopeful that jobs could be saved.

It is understood that up to five substantial Irish and international groups within the steel industry have made contact with the receiver. Butlers, is believed to have a number of sizeable contracts which would interest investors.

Mr Jackson, of the accountancy firm KPMG, was reappointed as receiver to Butlers after the High Court rejected a petition to appoint an examiner from a group of creditors who were owed up to £750,000.

ICC Bank, which is owed £9.2 million, sought the appointment of a receiver to the company last month. Other banks are also owed money and include Irish Intercontinental Bank which is owed £3.67 million.

A trading creditor, Preussag Stahl, is owed more than £1 million while monies are also owed to the Revenue Commissioner.

Butlers is one of the biggest employers in Portarlington.