THE receiver to Butlers Engineering, the failed Porlarlington, Co Laois, steel manufacturer expects to be in a position to conclude a sale of the plant by Easter.
It is understood that the receiver, Mr Ray Jackson of accountancy firm KPMG has received around 40 inquiries to date, from Ireland, Britain and the rest of Europe. He is confident that the plant will be sold in one lot.
Mr Jackson said he is open to offers and has not put a price tag on the plant. Some industry sources have valued it at £10-£12 million.
"It has the most up to date computerised equipment," said one source.
Among those interested is said to be Dublin based firm Joseph Murphy, one of Butlers' largest competitors in Ireland.
The company was unavailable for comment. It is understood that Powerscreen, the Dungannon based engineering group is not interested, all at one stage ills name was touted as a possible bidder.
Butlers has a book value around £20 million and it was the process of building a £30 million steel fabrication plant to service the export market before it went into receivership.
Butlers has debts of £24 million. Only secured creditors will get money back. Secured creditors, principally ICC Bank which is owed £9.2 million and which sought the receiver's appointment last month and Irish International Bank (£3.67 million) are owed £18 million. Preussag Stahl, a trade creditor is owed more than £1 million.
Around 70 employees are currently working on finishing out a handful of contracts at the plant. Among these is a contract for the new Hewlett packard £100 million printer factory on the outskirts of Leixlip, Co Kildare. The factory will employ 1,150 people within four years.
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