THE High Court has approved the restructuring of the Dublin company, Esbee Packaging, despite objections from the Revenue Commissioners. Esbee will now come out of examinership next Monday.
Under the restructuring, put together by the examiner, Mr Paul Mackay, unsecured creditors have agreed to forego £400,000 and take an immediate payment of 15p in the pound. Secured creditors, who are owed a further £400,000, have agreed to accept payment over a period of time and at a discounted interest rate.
The main preferential creditor, the Revenue Commissioners, were the only party to object to the plan, but Mr Justice Shanley ruled in favour of the examiner's proposals. The Revenue will receive the £130,000 it is owed over a two year period.
New investors are to inject £200,000 into the company and accountant Mr Gordon Anderson, as well as investing in Esbee, will take over day today management on a full time basis. Twenty full time and three part time jobs have been saved.
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