The examiner appointed to Cavan Crystal earlier this month has informed the High Court he believes the company can be successfully restructured. A scheme for the company is likely to be presented to creditors in mid-May.
Mr David Hughes, of Ernst & Young, was appointed by the Supreme Court on April 3rd. A week earlier the High Court had refused an application to appoint an examiner, on the grounds that it had not been demonstrated there was a identifiable possibility of the company surviving. Mr Hughes, in a report filed to the court on Thursday, said the company faces serious difficulties but that subject to a significant amount of change, it could be viable.
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