APPROVAL of a survival plan for Celtic Vision, a company which buys programmes for broadcast on a 24 hour basis in Boston, was adjourned to December 18th by Mr Justice McCracken in the High Court yesterday.
An examiner, Mr Jason Sheehy, was appointed to Celtic Vision Productions of Merchants Quay, Dublin, by the court last July. A previous hearing was told the petitioners, who are directors of the company, had stated Celtic Vision had 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.
Mr Sheehy, in a preliminary report, had stated the company's most significant assets Were its contracts with RTE and Cablevision Systems plc, the fifth largest US cable TV distributor.
The earlier court hearing was told by Mr Michael Cush, counsel for Celtic Vision, that meetings had been held in the US and Ireland and every class of creditor had voted in favour of the proposals. There was an aspect of the case which had to go before the US courts.
Yesterday, Mr Cush said he was applying for an order adjourning the matter for further consideration and extending the protection of the court to the company in the meantime. The adjournment should be on the basis that three conditions should be met in the meantime.
The conditions were that the US court approved the scheme; that £1.2 million be lodged to the credit of the examiner and that an investors' agreement be signed. The US court hearing was fixed for December 10th.
Mr Justice McCracken said he would extend the period of the examinership to December 18th.
Mr John O'Donnell, counsel for Bonegal Ventures Inc, investors in the company, said his client would continue to provide minimum working capital for Celtic Vision and did not envisage problems getting the necessary investment by December 18th.
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