Almost six years after the Irish Press newspaper group closed down, a High Court action involving Irish Press plc and US investment bank E.M.
Warburg Pincus will get under way, the Irish Press annual report discloses.
Irish Press plc was the majority shareholder in Irish Press Newspapers, which published three national titles.
The High Court action relates to Warburg Pincus's involvement in the investment by Ingersoll Newspapers in Irish Press Newspapers. If the case proceeds, it could take up to six weeks.
The High Court action has been in the legal pipeline for more than five years. Warburg Pincus has previously denied that it had induced Irish Press plc to enter into a joint venture with Ingersoll.
In the year to the end of last March, with the benefit of $463,000 (€517,955) in investment income, Irish Press plc had pre-tax profits of £156,000 (€198,000) compared with a loss of £396,000 the previous year.
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