A SURVIVAL plan for Celtic Vision, a company which buys programmes for broadcast on a 24 hour television programme in Boston, is to heard by the High Court at the end of November. An examiner, Mr Jason Sheehy, was appointed to Celtic Vision Productions Ltd, Merchants Quay, Dublin, last July.
The petitioners, who are directors of the company, stated that Celtic Vision has accumulated losses of about £3.7 million since it was incorporated in July 1991 and continued to make losses at the rate of £47,000 a month.
The examiner, in a preliminary report, said that the company's most significant assets were its contracts with RTE and Cablevision Systems plc, the fifth largest cable television distributor in the US. The court was told that a number of investors had expressed an interest in investing in the company, including Donegal Ventures.
Yesterday, Mr Michael Cush, counsel for Celtic Vision, asked for leave to deliver the final report for proposals for the survival of the company. Meetings had been held in the US and Ireland and every class of creditor had voted in favour of the proposals.
He asked for the time for the period of protection to be extended, as there was an aspect of the case which had to go before the US courts.
Mr Justice McCracken fixed Monday, November 5th for the hearing.
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